STATISTICS: GEORGIA, FY2018: GWP increased by almost 23%, while paid claims jumped by 21%
Both sectors (life and non-life) saw impressive growth, by 51.58% and 21.13% respectively. Of the non-life segments in the market portfolio, the largest shares were taken by health (40.02%), motor (23.74%) and property insurance (15.68%).
Paid claims also went up by 21.34%. The most significant growth rates of paid claims were recorded in life insurance, property insurance and MTPL.
Total net profit of 17 companies, operating in the Georgian market, increased to GEL 42.19 million (EUR 13.74 million). Total assets went up to GEL 743.22 million (EUR 242 million).
GPI Holding leads in terms of GWP (GEL 105.95 million/EUR 34.51 million), the insurer holds almost 20% of the total market. Among the TOP-5 companies, GWP dropped only for Aldagi (-4.30%), while TBC Insurance showed the most impressive growth (+94.31%). GPI Holding also leads in terms of paid claims (GEL 78.03 million/EUR 25.42 million), followed by Imedi L and Aldagi.
The biggest share of health GWP was contributed by market leader GPI Holding (GEL 63.1 million/EUR 20.55 million; 29% of the segment), 2nd was Imedi L (26%), and 3rd ARDI Insurance (12%). Only 15% of the population use private health insurance. In property insurance the leader is Aldagi (GEL 28.4 million/EUR 9.25 million or 33% of the segment), Unison keeps the 2nd place (19%), and 3rd is GPI Holding (16%). Life insurance leader is TBC Insurance, collecting 50% of life GWP in 2018.
According to the State Insurance Supervision Service of Georgia, only 6% of the registered vehicles were insured in the country (+8.3% y-o-y) in 2018. Total number of issued policies amounted to 75,863 units (only 5,821 policies more than in 2017). The leader of Motor Hull in terms of GWP is TBC Insurance (26% of the segment), followed by Aldagi and GPI Holding.
Access http://xprimm.com and download FY2018 Georgian insurance market statistics.
- Market portfolio (in EUR and GEL):
- Paid claims
- Growth rates
- Market shares
- Market ranking (GWP/paid claims/market shares - in EUR and GEL):
- Life sector
- Non-life sector