Georgian insurer Unison ended 2018 with GWP worth GEL 44 million (EUR 14 million), 28% more y-o-y, holding an 8% market share. NEP after Q2 2019 amounted to GEL 21 million (EUR 6,6 million), 30% more y-o-y.
Georgian insurer IRAO, member of the Vienna Insurance Group, has reported GWP worth GEL 19.47 million (EUR 5.96 million) in 1H2019, 3.53% up y-o-y, a figure resulting almost entirely from the non-life insurance activity. At the end of June, the company ranked 5th, with a market share of 5.64%, ascending a position in the market hierarchy.
Georgian TBC Insurance
ended 1H2019 with GWP worth GEL 39.3 million (EUR 12.03 million) and a net profit of GEL 5.96 million (EUR 1.82 million), which is 42% up y-o-y, in local currency. The growth rate achieved in GWP was close to 20% (in GEL), which qualifies the company as the fastest growing in the Georgian market in 2017 and 2018.
Due to increasing spending on tourists, who visit the country without insurance policies, within the Georgian healthcare system, Georgia plans to start discussions on mandatory insurance for tourists, according to Devi KHECHINASHVILI, Head of Insurance Association of Georgia, as Georgia Today reports.
For the first six months GWP of the Georgian insurance market reached GEL 345.32 million (EUR 105.74 million), which in local currency is almost 17% more y-o-y, as the data, published by the regulator, shows.
The discussion of the MTPL bill, based on which the mandatory motor third party insurance system was supposed to be introduced from July 1, 2019, was postponed for September, as Business Georgia reports.
According to the State Insurance Supervision Service, the total number of Georgian citizens with private health insurance is 15%, almost exactly the same as a year ago, Business Georgia reported.
The insurance sector of Georgia in 1Q2019 grew by 9.44% y-o-y. Total GWP reached GEL 179.91 million (EUR 59.57 million), according to the data of the Insurance supervisory authority.
According to the President of the Georgian Insurance Association, Devi KHECHINASHVILI, one-time subsidization of compulsory vehicle insurance is a good initiative to increase civil responsibility, the Georgian Media holding Commersant wrote.
In 2018, Georgian insurers collected GWP in the amount of GEL 542.20 million (EUR 176.61 million), 22.84% more y-o-y, as data published by the State Insurance Supervision Service of Georgia show.
MARSH, a global leader in insurance broking and risk management, advising clients in over 130 countries, is beginning operation in Georgia, in partnership with the ARRIBA company, Business Georgia reports.
Applying the Estonian model for profit taxation (insurance companies will not be subject to income tax on reinvested profits) will boost development and growth, according to the General director of GPI Holding, Paata LOMIDZE, reported Caucasus Business Week.
The development process of the Georgian insurance market will be significantly boosted by the initiation of obligatory Motor Third Party Liability (MTPL) Insurance in Georgia, representatives of ARDI Insurance point out in an official statement.
A bill, providing for mandatory insurance of civil liability of vehicle owners from July, 2019, soon will be submitted to the Parliament, as the international news agency Sputnik informed.
Based on 3Q2018 data, Georgian insurer UNISON has improved its positions on the market and entered TOP-5 insurance companies in terms of GWP, according to the regulator's statistics.
The conference aims to involve all the relevant stakeholders to identify the most appropriate solutions for the market's growth and to attract the investments and know-how, taking also into consideration the latest practices and other countries' experience.
As already stated in September by EUROINS Insurance Group (EIG), Georgian insurer IC Group has become a member of the Bulgaria based group. EIG owns over 51% of the Georgian insurer.
According to Devi KHECHINASHVILI, Chairman of the Board, Georgian Insurance Association, Bank of Georgia is creating its own insurance company. The new insurer already received a permission from the National Bank and is going to apply to the State Insurance Supervision Service.
For 9 months this year Georgian insurers generated GEL 417.19 million of GWP (EUR 137.66 million), which in local currency is 20.67% more y-o-y. Paid claims for the same period increased by 26.71%, as the data published by the Insurance Supervisory Office of Georgia show.
"By global standards, insurance in Georgia is still immature - in the initial stages really - therefore there are many things that are yet to be done and the market has big potential," Giorgi BARATASHVILI, CEO of ALDAGI, told the FINANCIAL in an interview.