Georgia
GEORGIA: Investment holding to manage three largest insurance companies
Investment holding Sakartvelos Capital (Georgia's Capital) has merged three largest insurance companies - Aldagi, Imedi L and Ardi are already managed by one company, Business Georgia writes.
4 September 2024STATISTICS: GEORGIA, 1Q2024: health insurance generated 53% of all premiums
According to the Georgian Insurance Supervision Service, at the end of the first quarter of 2024, the insurance market grew by 22.21% in local currency, amounting to GEL 397.73 million (EUR 136.85 million).
17 June 2024GEORGIA: introduction of compulsory insurance for tourists postponed
The introduction of compulsory health and accident insurance for tourists coming to Georgia is planned to be postponed until January 1, 2026. A draft suspending application of this clause of the law until the end of 2025 has been submitted to parliament, Report writes.
11 June 2024GEORGIA: In 2023, the number of insured air vehicles decreased by 13%
In 2023, the number of insured air vehicles in Georgia amounted to 84 units, which is 13% less y-o-y, according to the financial reports of insurance companies, commersant wrote.
30 April 2024STATISTICS: GEORGIA, FY2023: market exceeded GEL 1 billion
According to the Georgian Insurance Supervision Service, the market in 2023 amounted to GEL 1.06 billion (EUR 357.47 million/+13.35%), which is almost 17% more y-o-y. Insurers’ paid claims reached GEL 614.29 million (EUR 206.46 million/+20.29%), which indicates an increase of 24%.
17 April 2024David Onoprishvili appointed as the head of the Georgian State Insurance Supervision Service for a new 5 years mandate
David Onoprishvili was appointed, by decree of the Georgian Government, for a new mandate of 5 years at the top of the Georgian State Insurance Supervision Service, starting February 12, 2024.
29 February 2024GEORGIA: The insurance market has doubled in 5 years
According to preliminary estimates, in 2023 the insurance market in Georgia exceeded GEL 1 billion (~EUR 0.33 billion). The insurance profit of 18 companies amounted to GEL 250 million, which is 19% more than in 2022, commersant wrote.
25 January 2024GEORGIA: the number of unprofitable insurance companies halved in 2023
In 2023, the Georgian insurance market showed slight growth, although overall the indicators did not change much. Positive dynamics was observed; the experts note that the insurance sector is returning to its pre-pandemic state, according to the head of the Insurance Association of Georgia, Devi Khechinashvili, Business Georgia repots.
9 January 2024GEORGIA: the number of insured air vehicles is 63 units
According to financial reports of Georgian insurance companies, the number of insured air vehicles in Georgia is 63 units, which is 15 units less than in 2022, Business Georgia reports.
18 December 2023STATISTICS: GEORGIA, 3Q2023: total profit of the insurance sector increased by 21.6%
At the end of 3Q2023, the Georgian insurance sector grew by 16.11%, reaching GEL 817.99 million (EUR 287.80 million), according to the Georgian Insurance Supervision Service.
12 December 2023GEORGIA: Ardi: health insurance accounts for 50% of insurance business in the country
The most common type of insurance in Georgia is health insurance, which accounts for 50% of the insurance business. At the same time, it is necessary to introduce compulsory insurance in the country, according to the general director of the Ardi insurance company, Mikhail Japaridze, Business Georgia wrote.
27 November 2023GEORGIA: the head of Global Benefit Georgia believes that MTPL introduction will expand the insurance sector to GEL 2.5 billion
The draft law on MTPL will soon be submitted to parliament for consideration. According to the Insurance Supervision Service, after the introduction of compulsory insurance, companies will compensate expenses to victims of road accidents in the amount of up to GEL 35,000 (~EUR 12,191), Business Georgia writes.
25 September 2023GEORGIA: Devi Khechinashvili: the sector has problems that significantly hinder growth
In January-June 2023, the net profit of the Georgian insurance sector amounted to GEL 34.3 million (EUR 11.99 million), which is GEL 24 million more than in the same period last year, Business Georgia wrote. The head of the Association of Insurers, Devi Khechinashvili, speaking about the 1H results, said that the sector has problems that significantly hinder growth.
18 September 2023STATISTICS: GEORGIA, 1Q2023: life paid claims decreased by 23% y-o-y
The Georgian insurance market ended the first quarter of 2023 with GEL 325.45 million (EUR 116.81 million), which in local currency is almost 22% more y-o-y, according to the Georgian Insurance Supervision Service.
11 September 2023STATISTICS: GEORGIA, 1H2023: health insurance takes over 47% of the market premium portfolio
In 1H2023, the market grew by 17%, reaching GEL 590.99 million (EUR 206.70 million), according to the Georgian Insurance Supervision Service.
11 September 2023GEORGIA: Demand for private health insurance has dropped significantly
As of now, approximately 50,000 private health insurance policies are effective on the Georgian insurance market. At the same time, the demand for private policies has significantly decreased after introduction of the state insurance system, as noted by the President of the Insurance Association Devi Khechinashvili,
21 June 2023Global Benefits Georgia insures the USD 300 million construction project in Tbilisi
The risk management and insurance company Global Benefits Georgia has insured an unprecedented construction project of Orbi Group and Block LLC "Central Park Tower". The investment volume of the construction project is 300 million US dollars. Total premium of Global Benefits Georgia's insurance package is 1 million Gel (~EUR 350.877).
16 June 2023GEORGIA: Introduction of third-party liability insurance for car owners could boost market growth by 30%
The share of insurance in Georgia's GDP is just over 1%, which is 2-3 times less than in Eastern European countries, while in developed countries this figure is even higher - about 6-7%, as stated by the head of the State Insurance Supervision Service David ONOPRISHVILI, Business Georgia writes.
11 May 2023GEORGIA: in 2022 net profit of the insurance sector slightly drops
In 2022, total profit of the insurance sector amounted to GEL 210.3 million (EUR 72.90 million), while net profit slightly decreased to GEL 39.2 million from GEL 40 million in 2021, Business Georgia.reports.
20 April 2023GEORGIA: The number of private health insurance policies increased by only 1% as of the beginning of 2023
As of now, only 18% of the population in Georgia uses private health insurance, according to the state insurance supervision service, Business Georgia wrote.
13 April 2023
