STATISTICS:

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.

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

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