Georgia
GEORGIA: in 9M2021 net profit of the insurance sector decreased by 14% y-o-y
As of September 30, 2021, profit of the Georgian insurance sector amounted to GEL 131.2 million (EUR 36 million*), net profit - GEL 31.9 million, which is 14% less y-o-y (as of 30.09.2020, net profit of the insurance sector was GEL 44.3 million), Business Georgia wrote according to the data of the Insurance Supervision Agency.
14 December 2021STATISTICS: GEORGIA, 3Q2021: among the key market LoBs the most impressive growth observed in Motor Hull - more than 24% y-o-y
At the end of the third quarter of 2021, the Georgian insurance market recorded an increase of more than 18% y-o-y (in local currency), increasing to GEL 606.74 million (EUR 166.65 million), according to the data published by the Georgian Insurance Supervision Service.
6 December 2021GEORGIA: only 2% of GDP is spent on insurance
Premiums paid by clients of insurance companies in Georgia amount to only 2% of GDP, which is about 4 times less than the world average. As Soso ARCHVADZE, an expert in statistics, noted, if Georgia on average lags behind the development level of the world economy by 10-15%, then its lag in the insurance segment is much higher, Business Georgia reports.
8 November 2021GEORGIA: 40% of GWP in 1H collected by companies affiliated with banks
For the first half of 2021, Georgian insurers collected premiums in the amount of GEL 446 million (~EUR 119 million*), 40% of which were generated by the companies affiliated with commercial banks, Business Georgia reports.
13 October 2021GEORGIA: real estate is insured only for 6.9% of the population
Currently, in Georgia, real estate is insured only for 6.9% of the population, since no one insures property voluntarily - mainly clients of insurance companies in this segment are legal entities or buyers of apartments in the primary real estate market who received mortgage loans and are required to purchase insurance, Business Georgia writes.
20 September 2021STATISTICS: GEORGIA, 1H2021: overall market growth rate, as well as in life and non-life insurance, were almost the same - about 19%
The Georgian insurance market ended 1H with an increase of 19% y-o-y, GWP reached GEL 448.64 million (EUR 119.29 million), according to the data published by the Georgian Insurance Supervision Service.
20 September 2021GEORGIA: the insurance market ended 1H with a decrease in profits
The first six months of 2021 the Georgian insurance market ended with a decrease in profits, Trend reports referring to the National Bank of Georgia.
15 September 2021GEORGIA: The Government is considering introduction of a mandatory unemployment insurance mechanism
The Government of Georgia is considering introduction of a mandatory unemployment insurance mechanism in the country, under the new Social Code, which has been officially announced recently, Trend reports with reference to Georgian media.
30 June 2021STATISTICS: GEORGIA, 1Q2021: the market share of the TOP-3 exceeded 50%
At the end of the first quarter of 2021, the Georgian market increased by 10.47% to GEL 233.20 million (EUR 58.24 million), according to the data published by the Georgian Insurance Supervision Service.
10 June 2021Georgia, FY2020: two companies account for about 60% of premiums mediated by insurance brokers
Insurance brokers of Georgia ended 2020 with a total intermediated Premiums worth GEL 71.2 million, up by 37.4% y-o-y. In relation to the market total GWP, mediated premiums by brokers accounted for about 10.6%, up from 8.3% the previous year, data published by the market authority show.
15 April 2021STATISTICS: GEORGIA, FY2020: the market increased by almost 7% in lari despite the pandemic
At the end of 2020, the Georgian insurance market grew by 6.76% to GEL 667.28 million (EUR 165.85 million), with both insurance sectors increasing: non-life - by 6.48% and life - by 10.33%, according to data published by the Georgian Insurance Supervision Service.
8 April 2021STATISTICS: GEORGIA, 3Q2020: health insurance grew by 17% y-o-y, while motor insurance declined by nearly 8%
The Georgian insurance sector ended 3Q2020 with growth in local currency by 6.52% y-o-y, GWP amounted to GEL 513.24 million (EUR 133.60 million*), as the data released by the Georgian Insurance Supervision Service shows.
14 January 2021GEORGIA: Insurance companies are working with the state to increase opportunities in the fight against coronavirus
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.
5 November 2020GEORGIA: MAI Georgia was positioned as the insurance brokerage market leader in 2019, both in premiums and commissions terms
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.
8 October 2020XPRIMM TIME FOR BUSINESS: How is the Georgian insurance market dealing with the challenges raised by the Covid crisis
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.
1 October 2020GEORGIA: GPI Holding keeps the largest market share - over 20%
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.
16 September 2020STATISTICS: GEORGIA, 1H2020: Market grew 9.14%, supported by health insurance, which accounted for over 45% of total GWP
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.
3 September 2020GEORGIA: Net profit of the insurance sector increased by 49% y-o-y in 1H2020
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 reports.
25 August 2020STATISTICS: GEORGIA, 1Q2020: the market grew by more than 17% in local currency
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.
25 June 2020GEORGIA: Among other industries, insurance sector faced a decrease in March
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.
7 May 2020
