Private insurance companies in Georgia join the fight against coronavirus. According to Devi KHECHINASHVILI Chairman of the Board, Georgian Insurance Association, insurers will join measures to help those with mild forms of the virus, Business Georgia reports
MAI Georgia was the leading insurance broker on the Georgian insurance intermediation market, in 2019, holding 39% of the intermediation commissions cashed at the market level in accordance with the data published by the Insurance Supervision service. In premiums terms, MAI Georgia accounts for 32% of the direct premiums and 61% of the reinsurance premiums intermediated in Georgia.
Preserving the market achievements, remaining close to the customers and employees and keeping an open path for the future growth are top priorities for the Georgian insurance market in dealing with the Covid crisis, as the XPRIMM TIME FOR BUSINESS show's guest have revealed yesterday.
GPI Holding continues to lead and holds the largest share of the Georgian insurance market (20.62%) according to the half-year data, provided by the State supervision service of Georgia.
For the first half of 2020, the insurance sector of Georgia grew by 9.14%, to GEL 376.9 million (~EUR 109.4 million*). At the same time, the paid claims during the period dropped sharply - by more than 24% y-o-y, according to the data published by the insurance supervision authority.
In the first half of 2020, total profit of Georgian insurers amounted to GEL 89.5 million (~EUR 26.10 million*), which is 23% more y-o-y. At the same time, net profit of insurance companies exceeded the level of 1H2019 by 49% and reached GEL 29.2 million, Business Georgia
In 1Q2020, the Georgian insurance sector in expanded by 17.34% y-o-y in local currency, to GEL 211.10 million (EUR 58.05 million*). At the same time, the market dynamics in euro turned to be negative (-2.54%) due to the lari depreciation against euro.
The economy of Georgia in March decreased by 2.7%, based on preliminary estimates y-o-y, according to Gogita TODRADZE, Executive Director of the National Statistics Office, Georgia Today reports.
At the end of 2019, the Georgian insurance market recorded an increase of 15.27% y-o-y in local currency. The market GWP amounted to GEL 625 million (~EUR 195 million). At the same time, the paid claims jumped by more than 76% y-o-y (in GEL), as the data of the market supervisory authorities show.
Following the success of its first edition last year, the 2020 edition of the Georgian International Insurance Conference, organized by XPRIMM with the support of the Insurance State Supervision Service of Georgia, will take place in Tbilisi, on 30 April, addressing the most important issues lying ahead the local insurance industry, involving all relevant stakeholders.
During February 2020, Fitch Ratings, the leading provider of credit ratings, affirmed the ratings of Russia ('BBB'), Kazakhstan ('BBB'), Georgia ('BB'), Turkey ('BB-'), Bulgaria ('BBB') and Hungary ('BBB').
In 2019, total state subsidies under the agroinsurance program amounted to GEL 5.84 million (~USD 2.02 million) while the number of beneficiaries of the program increased by 31% y-o-y, as Levan DAVITASHVILI, the Minister of Environmental Protection and Agriculture of Georgia, informed.
Insurance Group of Georgia (IGG), one of the most recently launched companies with fully domestic capital, ended 3Q2019 with gross earned premiums worth GEL 9.98 million (~EUR 3.1 million), by almost 5% up y-o-y. Claims paid amounted to GEL 7.5 million (EUR 2.33 million).
Introduction of MTPL in Georgia was delayed and the bill most likely won't be considered this year, as Devi KHECHINASHVILI, Head of the Georgian Insurance Association, believes.
GPI Holding, a member of Vienna Insurance Group, maintained its leadership position on the Georgian insurance market, with a 17% market share after 3Q2019. The company reported GWP worth EUR 25.36 million and reinsurance premiums of EUR 4.38 million, while paid claims reached EUR 16.4 million.
From January to September 2019, the Georgian insurance market generated GWP in amount of GEL 481.85 million (~EUR 149.24 million), which in local currency represents a 15.50% increase y-o-y.
Georgian insurer Unison ended 2018 with GWP worth GEL 44 million (EUR 14 million), 28% more y-o-y, holding an 8% market share. NEP after Q2 2019 amounted to GEL 21 million (EUR 6,6 million), 30% more y-o-y.
Georgian insurer IRAO, member of the Vienna Insurance Group, has reported GWP worth GEL 19.47 million (EUR 5.96 million) in 1H2019, 3.53% up y-o-y, a figure resulting almost entirely from the non-life insurance activity. At the end of June, the company ranked 5th, with a market share of 5.64%, ascending a position in the market hierarchy.
Georgian TBC Insurance
ended 1H2019 with GWP worth GEL 39.3 million (EUR 12.03 million) and a net profit of GEL 5.96 million (EUR 1.82 million), which is 42% up y-o-y, in local currency. The growth rate achieved in GWP was close to 20% (in GEL), which qualifies the company as the fastest growing in the Georgian market in 2017 and 2018.
Due to increasing spending on tourists, who visit the country without insurance policies, within the Georgian healthcare system, Georgia plans to start discussions on mandatory insurance for tourists, according to Devi KHECHINASHVILI, Head of Insurance Association of Georgia, as Georgia Today reports.