Due to full domination of the big banks, the Georgian insurance sector is developing in the wrong way, - said the General director of UNISON insurance company, Vasil ARKHARADZE.

In 3Q 2017, the Georgian insurance market went up by 9.30%, to GEL 345.72 million, according to data published by the Insurance Supervisory Office - ISO. Claims paid by insurers increased by 7.40% to GEL 174.09 million.

Insurance Supervisory Office of Georgia is currently preparing a draft of law regarding the introduction of the compulsory liability insurance for foreign vehicles (note: vehicles registered abroad), and, later on, of the MTPL insurance for cars registered in Georgia.

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.

In 1Q2017, the Georgian insurance market went up by 10.05%, to GEL 143.80 million (EUR 54.75 million), according to the data published by the Insurance Supervisory Office - ISO.

The Georgian insurance market went up by only 9.24% in FY2016, while in FY2015 GWP increased by 19%.

The Georgian insurance market posted a 8.2% y-o-y GWP growth-rate, to GEL 316.3 million (about EUR 121 million), according to the 3Q2016 figures published by the Insurance Supervisory Office - ISO.

An investment agreement was signed between the International Insurance Consortium (Netherlands) and IC Group according to which up to 7 million GEL will be invested in the Georgian Insurance Company, the Georgian side to hold 51 percent of shares and the Dutch 49 percent.

In January-June 2016, the Georgian insurance market increased by 10.7% y-o-y in local currency to GEL 230 million (EUR 88.5 million), according to the data published by the Insurance Supervisory Office - ISO. The value of claims paid by insurers was up by 4% y-o-y to GEL 106 million.

In January-March 2016, the Georgian insurance market increased by 12.71% y-o-y in local currency to GEL 130.66 million (EUR 48.76 million), according to the data published by the Insurance Supervisory Office - ISO.

The Georgian insurers market ended the financial year 2015 in black, as gross written premiums increased by 19% y-o-y to GEL 360 million (EUR 137.5 million), according to the State Insurance Supervision Service of Georgia reports.

There are only ten days left before the start of the International Conference "Agricultural Insurance, Reinsurance and Brokerage in CIS, Europe & Asia". The Conference will be held on April 11-13, 2016 in Tbilisi, Georgia, organized by AgroInsurance International LLC. XPRIMM Publications support the event as Media Partner.

"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.

The local currency's devaluation let to an over 30% hike in the insurance prices, with health insurance appearing to be the most affected, reports the Georgian newspaper "The Financial". Insurers consider implementing compulsory insurance as required for the further development of the sector.

The IIIrd edition of the International Conference "Agricultural Insurance, Reinsurance & Brokerage in CIS, Europe & Asia" will be held on April 11-13, 2016 in Tbilisi (Georgia) at the Marriott Courtyard Hotel, organized by AgroInsurance International LLC. XPRIMM Publications will support the event as Media Partner.

At the end of September 2015, the Georgian insurance industry totaled GEL 292 million (EUR 109 million), as the figures published by the Insurance Supervisory Office showed. Compared with 3Q2014, the local insurance market increased by 29.4% y-o-y, due to the 94% growth rate reported on the health insurance segment.

In the first half of 2015, GWP by the Georgian insurers amounted to EUR 83.11 million, up 20.2% y-o-y (GEL 207.72 million). Analyzing the official results one may conclude that the insurance industry has recovered after a sharp y-o-y decline in 2014 when the market decreased by 32.3%. The main reason for the 2014 decline was the complete removal of the insurers from all government's projects, such as the universal healthcare program.

Within the first quarter of 2015, insurance company GPI Holding, a member of Vienna Insurance Group, made significant achievements in various lines of insurance, securing the position of leading company in the insurance industry.

In January-March 2015, the Georgian insurance market increased by 31% y-o-y in local currency to GEL 115.92 million (EUR 48 million), according to the data published by the Insurance Supervisory Office - ISO. The positive trend recorded by the local insurance industry was driven by the increasing of GWP reported in almost all business lines.

Georgian insurers were confronted with a challenging year in 2014, mainly because of the health insurance program cessation. "The state health insurance program - initiated by the Government of Georgia in 2007 in order to provide medical insurance to vulnerable groups of Georgian population via private insurance companies -, represented app. 45% the total 2013 GWP. In 2014 the program was canceled. As a result, despite the robust growth in corporate sector, the insurance market shrank by 30%," Vakhtang DEKANOSIDZE, CEO IRAO told XPRIMM.