STATISTICS:

STATISTICS: GEORGIA, Q1 2018 results: MTPL jumped by almost 168%

In the 1st quarter Georgian insurers generated GEL 164.39 million (EUR 55.23 million) of GWP, up y-o-y 14.32%, according to the regulator's official data. Paid claims, compared to the 1st quarter last year, increased by 20.8%.

Though the major part of the market (93.36%) is owned by non-life segment, the most dynamic growth saw life sector (+58.73%). In non-life segment the following classes increased gross premiums more than others: MTPL (+167.59%), suretyship insurance (+152.72%), GTPL (+32.88%), etc. Negative dynamics was demonstrated by travel insurance (-39.23%).

Georgian market is represented by 17 insurers. TOP-5, having the biggest market shares, include GPI Holding (almost 25%), Imedi L (16.14%), ALDAGI (11.45%), TBC Insurance (8.28%) and ARDI Insurance (7.49%). While the market leader in local currency did not show any y-o-y changes in premiums during the first 3 months, premiums of TBC Insurance grew by 195.35%.

Access www.xprimm.com and download the 1Q2018 Georgian insurance market statistics.

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

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