Georgia
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Georgia 1Q2020 Insurance Companies Rankings
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STATISTICS: GEORGIA, 3Q2014: Still affected by negative rates in health insurance, the local market reported a 44% decrease in GWP
In January-September 2014, the Georgian insurance market decreased by 44% y-o-y in local currency to GEL 225.95 million (EUR 101.6 million), according to data published by the Insurance Supervisory Office - ISO.
26 November 2014STATISTICS: 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.
18 September 2014GEORGIAN insurance market down 20% y-o-y in Q1, driven by the poor performance of the A&H segments
In Q1 2014, the Georgian insurance market decreased by 20% y-o-y in local currency to GEL 88.5 million, according to data published by the Insurance Supervisory Office - ISO. Due to the exchange rate variations, in European currency, the insurance market decreased by ~29%, to EUR 36.9 million.
24 June 2014GEORGIA, 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.
8 May 2014GEORGIA: 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.
31 October 2013GEORGIA 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.
17 October 2013GEORGIA, 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.
11 April 2013ARMENIA 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.
13 March 2013GEORGIA, 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.
20 December 2012GEORGIA: 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.
6 September 2012GEORGIA: 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.
12 June 2012GEORGIA: 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.
10 May 2012GEORGIA: 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.
17 January 2012GEORGIA: Insured People are Dissatisfied with Service Providers
According to research done by The FINANCIAL, out of the insurance companies in Georgia the most reliable is Aldagi BCI.
27 October 2011Georgia: The net profit of Goergian insurance companies increased by 89.4%, to 20 million USD in 2010
The net profit of the insurance companies from Georgia, totaled in 2010, GEL 33.9 million (about USD 20 million), with 89.4% more than the results registered in 2009.
7 July 2011Georgia: 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.
4 July 2011Georgian Government will subsidize health insurance
Georgian Government and insurance companies have signed an agreement
which includes the initiative of President of Georgia, Mikheil SAAKASHVILI,
about the accessibility of population to health insurance.
19 February 2009
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