STATISTICS: Georgia 1H2017: Top 5 insurers account for about 80% of the market GWP

In the first half 2017, the Georgian insurance market went up by 7.57%, to GEL 247.38 million, according to data published by the Insurance Supervisory Office - ISO. Claims paid by insurers increased by 9.76% to GEL 116.30 million.

On insurance classes, the life segment decreased by 21.55%, while the non-life GWP increased by 9.50% due the strong increase reported by the motor insurance, aviation hull insurance, property and cargo classes.

On the other hand, health insurance holds the most significant market share, of 49.72% of the total GWP, followed by Motor Hull (16.01%), Property (15.66%), Life insurance (4.54%) and GTPL (3.90%).

According to the official data, 586,000 people use health insurance, which is about 15% of the total population (about 3.7 million).

The second most popular insurance product is motor insurance, used by about 50,000 car owners, which is only about 4% of the total number of cars in Georgia (1.2 million). About 91% of the Georgian fleet consists of cars produced before 2007, while cars less than 3 years old represent only 1.3% of the total car fleet.

The Top-5 insurers generated about 77.17% of the market GWP: GPI Holding VIG accounted for the largest share on the local market (26.02%), followed by ALDAGI (20.13%), Imedi L (12.25%), PSP Insurance (11.03%) and ARDI Insurance (7.75%).

Find detailed 1H2017 market data in the forthcoming edition of the XPRIMM Insurance Report CEE, SEE & CIS - 1H2017, to be launched on 22 October.

Access www.xprimm.com and download the 1H2017 Georgian insurance market statistics.

Related articles

2016 expected to be a challenging year for the Georgian market

"2016 will be an extremely challenging year for the Georgian insurance market," Vakhtang DEKANOSIDZE, General Director of IRAO (Vienna Insurance Group), recently stated for the Georgian journel The FINANCIAL. However, despite the challenging environment, the VIG subsidiary plans to maintain its high growth pace also in this year, he added.

2016-02-25

ON THE MOVE

TOP EVENT

BB Headlines: Rates are settled to increase following Q3 events

The main effect after the Q3 nat cat bill of over USD 100 billion: Global reinsures said - the "discounts and reductions in tariffs era" especially in European reinsurance market for the January 2018 renewals, will come to end. At the same time, some reinsurers might disappear and there are likely to be more mergers, acquisitions and run-offs processes.

23.10.2017

photodune-3834701-laughing-girl-xs

Baden-Baden Reinsurance Symposium: the industry-wide impact of disruption

"In our business we are more than used to disruptions [...] But the pace of disruption has been amplified by new sources of data and by the increase in the power to collate this data", James NASH, the President, International of GUY Carpenter stated during his opening address at the Reinsurance Symposium in Baden-Baden on 22 October.

23.10.2017

The 9th International Istanbul Insurance Conference started today in Istanbul

In emerging markets like Turkey, there can be a significant difference between the insured and total insurable losses. Parametric insurance is a smart way to close this protection gap. While the traditional products cover an insured loss, parametric products provide financial protection for various expenses from financial liabilities to contingent loss of profit which, in return, decreases the economic loss burden following a CAT event.

04.10.2017

See all