Georgia

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Location map
author: OCHA/ ReliefWeb


Location:
- Southwestern Asia, bordering the Black Sea, with a sliver of land north of the Caucasus extending into Europe.
- Neighbours: Azerbaijan, Armenia, Turkey, Russia.

Climate:
- warm and pleasant;
- Mediterranean-like on Black Sea coast.

Natural hazards:
- earthquakes.


Macro indicators (* 2018 estimates)
Surface:69,700km2
Population*:3.71million
GDP*:13.47EUR billion
GDP/capita*:3,632.22EUR


Currency: Lari
Code: GEL
Since: 1995

Exchange rates at December 31st:

1 EUR = 3.0701 GEL (2018)
1 EUR = 3.1044 GEL (2017)
1 EUR = 2.7940 GEL (2016)
1 EUR = 2.6169 GEL (2015)
1 EUR = 2.2656 GEL (2014)
1 EUR = 2.3891 GEL (2013)
1 EUR = 2.1825 GEL (2012)
1 EUR = 2.1614 GEL (2011)
1 EUR = 2.3500 GEL (2010)


Sources:



 


Statistics

Georgia 1Q2019 Insurance Companies Rankings

Georgia 1Q2019 Market Portofolio


See all statistics

Latest news


STATISTICS: GEORGIA, 1Q2015: 31% increase in GWP and a new market leader

In January-March 2015, the Georgian insurance market increased by 31% y-o-y in local currency to GEL 115.92 million (EUR 48 million), according to the data published by the Insurance Supervisory Office - ISO. The positive trend recorded by the local insurance industry was driven by the increasing of GWP reported in almost all business lines.

STATISTICS: GEORGIA, FY 2014: Excluded from the state health insurance program, insurers have improved profitability

Georgian insurers were confronted with a challenging year in 2014, mainly because of the health insurance program cessation. "The state health insurance program - initiated by the Government of Georgia in 2007 in order to provide medical insurance to vulnerable groups of Georgian population via private insurance companies -, represented app. 45% the total 2013 GWP. In 2014 the program was canceled. As a result, despite the robust growth in corporate sector, the insurance market shrank by 30%," Vakhtang DEKANOSIDZE, CEO IRAO told XPRIMM.



STATISTICS: GEORGIA 1H2014: Insurance market down by 19% in local currency

In 1H2014, the Georgian insurance market decreased by 18.82% y-o-y in local currency to GEL 159.58 million, according to data published by the Insurance State Supervision Service of Georgia. Due to exchange rate variations in the European currency, the insurance market decreased by ~27.30%, to EUR 66.27 million.


GEORGIA, FY2013: Insurers ended the year with a slump

The Georgian insurance market ended the financial year 2013 with a slump, as gross written premiums decreased by 16.50% in European currency, to EUR 197.21 million (GEL 471.15 million), according to the reports of the Georgian State Insurance Supervisory Service. Since April 15, 2013 the state supervision over insurance activities has been carried out by the Service for the state insurance supervision and not by the National Bank of Georgia, as was the case before.

GEORGIA: Health insurance - a new business opportunity for insurers?

On February 28th 2013, the universal healthcare program was launched in Georgia, addressing the needs of citizens who do not have adequate health insurance. In less than five months 1,347,658 people have been enrolled, more than 40 thousand of those being served in an out-patient setting, and almost 15.5 thousand receiving treatment in hospital, which cost the state treasury of Georgia nearly GEL 6.4 million.

GEORGIA 1Q2013: Health insurance on the raise; preparing for MTPL

On February 28th this year the universal healthcare program was launched in Georgia. This concerns the interests of citizens who do not have adequate health insurance. In less than five months since this program was initiated 1,347,658 people have been enrolled, more than 40 thousand of those being served in an out-patient setting, and almost 15.5 thousand receiving treatment in hospital, which cost the state treasury of Georgia nearly GEL 6.4 million.

GEORGIA, FY2012: Health above all

The Georgian insurance market ended the financial year 2012 in black, as gross written premiums increased by 60.5% y-o-y to GEL 515 million (EUR 236 million), as the National Bank of Georgia reports. About three quarters of this value was generated by only one segment: health insurance.

ARMENIA hails GEORGIAN experience in health insurance

Armenian ambassador to Georgia Hovhannes Manoukian met March 12 with Georgian Healthcare Minister David Sergeyenko. Ambassador Manoukian voiced hope that the cooperation between the countries will continue. Minister Sergeyenko, in turn, noted Armenian-Georgian collaboration in healthcare sector as a significant area in bilateral relations.

GEORGIA, 3Q2012: Impressive growth continues

The total insurance premium volume in Georgia increased impressively to EUR 215 million (GEL 460.3 million) in the period January - September 2012, 75% more as compared with the same period a year ago, according to the data published by the National Bank of Georgia. In terms of claims, the local insurers paid out EUR 83.6 million in insurance damages until the end of September, 10.7% more y-o-y.

GEORGIA: 24% growth for the insurance market in 1H 2012

Georgian insurers posted underwritings worth GEL 233.9 mil (EUR 115 million) between January-June 2012, a 24.3% growth in national currency as compared with the 1H 2011 results. Paid claims have increased by 1.2% reaching GEL 118.2 million (EUR 58 million), according to financial results published by the National Bank of Georgia.

GEORGIA: From red (FY11) to black (1Q12)

Following negative figures registered during the whole year 2011, the insurance sector saw growth momentum into first quarter of 2012. Practically, Georgian insurance industry ended 1Q2012 with a respectable growth of 67 per cent over the previous year.

GEORGIA: ALDAGI BCI became 85% owner of the IMEDI L

The largest player was established in the Georgian insurance and hospital markets, as on April 5th, insurance Company ALDAGI BCI became the owner of an 85% capital share of IMEDI L, in a deal of GEL 8 million (EUR 3.8 million), announced by COMMERSANT.

GEORGIA: VIG confirmed in 3Q2011 the market leader position recently gained

In January-September, 2011, Georgian insurers generated a premium volume of EUR 116 million, 6% less compared to 3Q2010. Despite this decrease, life insurance premiums recorded a double value to EUR 5 million, but this type of insurance is still significantly under-represented, with a share of less than 5% in the total premium volume.



Georgia: The health insurance segment maintained the market at its 2009 level

The insurance market in Georgia has seen a slight increase in 2010 of the gross written premiums of 0.27%, up to GEL 361.46 million (EUR 152.24 million) as compared with the similar period of 2009, when the profile companies underwrote GEL 360.45 million (EUR 151.82 million), according to the most recent data published by the National Bank of Georgia.