Georgia
Aldagi to become first Reinsurance Company in Georgia
The leading property and casualty ("P&C") insurance company in Georgia, Aldagi further expands its business towards underwriting inwards reinsurance in the region. By doing this, Aldagi sets a precedent for the Georgian industry, being the first insurance company in the market that will also function as a reinsurer.
14 December 2022GEORGIA: Introduction of the Estonian income tax model for the insurance sector postponed
Introduction of the Estonian income tax model for the insurance sector in Georgia has been postponed for one year, as Georgian Economy Minister Levan Davitashvili said, Business Georgia wrote.
12 December 2022GEORGIA: income tax of insurers in 1H was the lowest in the last few years
In the first half of 2022, net profit of the Georgian insurance sector amounted to GEL 10.3 million (~EUR 3.30 million), which is 42% less than a year earlier in the same period, Business Georgia wrote.
10 November 2022GEORGIA: Georgians can now save up to 30% when purchasing or renewing their motor insurance with GPI Holding
Since September Georgians can save up to 30% when purchasing or renewing their motor insurance with GPI Holding. When purchasing a motor insurance package with a Mastercard card, 20% of the amount will be returned in the form of cashback, in addition, a 10% discount is offered by Jipay, gpih.ge wrote.
27 September 2022GEORGIA: Green Insurance Georgia has placed 9,000,000 shares on the Georgian Stock Exchange
Insurance company Green Insurance Georgia has placed Class B 9,000,000 shares for trading on the Georgian Stock Exchange. The nominal value of one share is 1 GEL, as the company recently informed on its website.
27 September 2022GEORGIA: the number of insured vehicles makes only 7% of the country's total vehicle fleet
According to the financial reports of Georgian insurance companies, the number of insured vehicles in the country makes only 7% of the total fleet, or 108,486 units, Business Georgia wrote.
27 September 2022STATISTICS: GEORGIA, 1H2022: the market expanded by more than 12% in local currency
According to the 1H2022 results, the Georgian insurance market grew by 12.49% y-o-y, total GWP reached GEL 504.67 million (EUR 163.74 million), according to the Georgian Insurance Supervision Service.
7 September 2022GEORGIA: Ardi signs investment agreement with Gazelle Finance
Insurance company Ardi, one of the top 5 insurers in Georgia in 1Q2022, signed an investment agreement with the multinational investment fund Gazelle Finance, as a result of which the fund became a strategic shareholder of Ardi, Business Georgia.reports.
18 August 2022GEORGIA: Mandatory MTPL insurance may provide the sector extra GEL 200 million business
The insurance sector of Georgia has been waiting for the approval of the draft law on MTPL introduction for more than three years now. This draft law was registered in Parliament on December 31, 2018, but discussion has not yet begun. Experts expect the process to start this year, Business Georgia wrote.
29 July 2022GEORGIA: in the context of rising inflation, insurance products have risen in price by 10-15%
High inflation (13%), affecting the Georgian economy like almost all others, has determined rising prices for products and services, insurance included. Thus, insurance products' prices have risen by about 10-15%, according to the CEO of the insurance company Global Benefit, Nino KOBAKHIDZE, Business Georgia wrote.
12 July 2022STATISTICS: GEORGIA, 1Q2022: the market grew by about 15% y-o-y with the most impressive growth recorded by travel insurance
According to the 1Q2022 results, the Georgian insurance market grew by 14.75% y-o-y, total GWP reached GEL 267.60 million (EUR 77.57 million), according to the Georgian Insurance Supervision Service.
16 June 2022GEORGIA: insurers' net profit drops 2.8 times y-o-y in the first quarter of 2022
For the period from January to March 2022, net profit of the Georgian insurance sector (18 insurers) decreased by 2.8 times y-o-y and amounted to GEL 4.7 million/EUR 1.36 million (vs GEL 13.5 million a year earlier), writes Business Georgia.
2 June 2022GEORGIA: Insurance Association: transition to post-COVID period won't be easy
Speaking about the results of the insurance market for the first quarter of 2022, the head of the Georgian Insurance Association, Devi KHECHINASHVILI, noted: "The main thing that can be said about the data for the first quarter is that we are holding on. Further, it will also be difficult, and transition to the post-COVID period will not be easy," Business Georgia wrote.
10 May 2022GEORGIA: insurers' capital increased significantly in 2021, while profits decreased
In 2021, GWP of Georgian insurers increased by 16% to GEL 772 million (~EUR 220 million), but the profit practically did not grow, as the Head of the Insurance Supervision Service David ONOPRISHLVILI noted, Business Georgia wrote.
20 April 2022GEORGIA: only 17% of the population uses private health insurance
Of the total GWP of Georgian insurance companies for 2021 in the amount of GEL 772.2 million (EUR 220 million), GEL 305.5 million came from healthcare, Business Georgia wrote.
11 April 2022STATISTICS: GEORGIA, FY2021: the market expanded by almost 16% y-o-y (in local currency)
The Georgian insurance market ended 2021 with an increase of almost 16% - GWP amounted to GEL 772.66 million (EUR 220.51 million), according to the Georgian Insurance Supervision Service.
6 April 2022GEORGIA: in 9M2021 net profit of the insurance sector decreased by 14% y-o-y
As of September 30, 2021, profit of the Georgian insurance sector amounted to GEL 131.2 million (EUR 36 million*), net profit - GEL 31.9 million, which is 14% less y-o-y (as of 30.09.2020, net profit of the insurance sector was GEL 44.3 million), Business Georgia wrote according to the data of the Insurance Supervision Agency.
14 December 2021STATISTICS: GEORGIA, 3Q2021: among the key market LoBs the most impressive growth observed in Motor Hull - more than 24% y-o-y
At the end of the third quarter of 2021, the Georgian insurance market recorded an increase of more than 18% y-o-y (in local currency), increasing to GEL 606.74 million (EUR 166.65 million), according to the data published by the Georgian Insurance Supervision Service.
6 December 2021GEORGIA: only 2% of GDP is spent on insurance
Premiums paid by clients of insurance companies in Georgia amount to only 2% of GDP, which is about 4 times less than the world average. As Soso ARCHVADZE, an expert in statistics, noted, if Georgia on average lags behind the development level of the world economy by 10-15%, then its lag in the insurance segment is much higher, Business Georgia reports.
8 November 2021GEORGIA: 40% of GWP in 1H collected by companies affiliated with banks
For the first half of 2021, Georgian insurers collected premiums in the amount of GEL 446 million (~EUR 119 million*), 40% of which were generated by the companies affiliated with commercial banks, Business Georgia reports.
13 October 2021
