STATISTICS: GEORGIA, 1H2016: VIG subsidiaries are accounting for about 28% of local market GWP

In January-June 2016, the Georgian insurance market increased by 10.7% y-o-y in local currency to GEL 230 million (EUR 88.5 million), according to the data published by the Insurance Supervisory Office - ISO. The value of claims paid by insurers was up by 4% y-o-y to GEL 106 million.

On insurance classes, the life segment increased by 10.3% to GEL 14.3 million (about 6.2% of total GWP), while the non-life GWP increased by 10.7% y-o-y due the strong increase reported by the health insurance sub-class: +13.5% to GEL 113.4 million - about 50% of total market.

At the end of June, GPI Holding VIG accounted for the largest share on the local market (22%), followed by IMEDI L (18.7%) and ALDAGI (18.4%). Adding the GWP volume realised by the other VIG insurer (IRAO VIG, ranked fifth, 5.5% market share), the aggregate market share of Austrian subsidiaries in Georgia was about 27.6% vs. 24.2 in 1H2015.

By segments, it is worth to mention that GPI Holding VIG controlled about 40% of life insurance sector being the absolute market leader (40% market share). GPI Holding VIG was also the non-life top insurer generating about 21% of non-life GWP.

Access www.xprimm.com and download the 1H2016 Georgian insurance market statistics.

Market portfolio & market rankings (in EUR and GEL):
  • Gross written premiums
  • Paid claims
  • Growth rates

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

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