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*:3.7million
Pop. density*:53.2people/km2
GDP*:13.5EUR billion
GDP/capita*:3,632.2EUR

Currency: Lari
Code: GEL
Since: 1995


Insurance market portfolio
* 2018 estimates
TOTAL LIFE*:7%
TOTAL NON-LIFE*:93%
Overall Property*:16%
Overall Motor*:24%

Sources:



 


Statistics

Georgia 3Q2019 Market Portfolio

Georgia 3Q2019 Insurance Companies Rankings


See all statistics

Latest news



2016 expected to be a challenging year for the Georgian market

"2016 will be an extremely challenging year for the Georgian insurance market," Vakhtang DEKANOSIDZE, General Director of IRAO (Vienna Insurance Group), recently stated for the Georgian journel The FINANCIAL. However, despite the challenging environment, the VIG subsidiary plans to maintain its high growth pace also in this year, he added.

GEORGIA: Strong devalution of GEL pushed up the insurance prices by over 30%

The local currency's devaluation let to an over 30% hike in the insurance prices, with health insurance appearing to be the most affected, reports the Georgian newspaper "The Financial". Insurers consider implementing compulsory insurance as required for the further development of the sector.



STATISTICS: GEORGIA, 1H2015: The higher level of losses may be the most important trend of the current year

In the first half of 2015, GWP by the Georgian insurers amounted to EUR 83.11 million, up 20.2% y-o-y (GEL 207.72 million). Analyzing the official results one may conclude that the insurance industry has recovered after a sharp y-o-y decline in 2014 when the market decreased by 32.3%. The main reason for the 2014 decline was the complete removal of the insurers from all government's projects, such as the universal healthcare program.


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.