Georgia
GEORGIA: total number of insured vehicles is only 6% of those registered in country
According to the State Insurance Supervision Service, the total number of Georgian citizens with private health insurance is 15%, almost exactly the same as a year ago, Business Georgia reported.
20 June 2019STATISTICS: GEORGIA, 1Q2019: over 57% of market paid claims fell in health insurance
The insurance sector of Georgia in 1Q2019 grew by 9.44% y-o-y. Total GWP reached GEL 179.91 million (EUR 59.57 million), according to the data of the Insurance supervisory authority.
13 June 2019GEORGIA: one-time subsidization is needed to support forthcoming compulsory motor insurance
According to the President of the Georgian Insurance Association, Devi KHECHINASHVILI, one-time subsidization of compulsory vehicle insurance is a good initiative to increase civil responsibility, the Georgian Media holding Commersant wrote.
9 May 2019STATISTICS: GEORGIA, FY2018: GWP increased by almost 23%, while paid claims jumped by 21%
In 2018, Georgian insurers collected GWP in the amount of GEL 542.20 million (EUR 176.61 million), 22.84% more y-o-y, as data published by the State Insurance Supervision Service of Georgia show.
2 May 2019GEORGIA: MARSH enters local market
MARSH, a global leader in insurance broking and risk management, advising clients in over 130 countries, is beginning operation in Georgia, in partnership with the ARRIBA company, Business Georgia reports.
10 April 2019GEORGIA: GPI Holding - Estonian model will boost insurance business
Applying the Estonian model for profit taxation (insurance companies will not be subject to income tax on reinvested profits) will boost development and growth, according to the General director of GPI Holding, Paata LOMIDZE, reported Caucasus Business Week.
21 March 2019The initiation of mandatory MTPL insurance in Georgia to improve the overall perception of insurance products in the country
The development process of the Georgian insurance market will be significantly boosted by the initiation of obligatory Motor Third Party Liability (MTPL) Insurance in Georgia, representatives of ARDI Insurance point out in an official statement.
14 March 2019GEORGIA: mandatory insurance of civil liability of vehicle owners to come into force in July, 2019
A bill, providing for mandatory insurance of civil liability of vehicle owners from July, 2019, soon will be submitted to the Parliament, as the international news agency Sputnik informed.
14 February 2019GEORGIA: UNISON's GWP was 3 times ahead the market growth rate in 3 quarters of 2018
Based on 3Q2018 data, Georgian insurer UNISON has improved its positions on the market and entered TOP-5 insurance companies in terms of GWP, according to the regulator's statistics.
10 January 2019
Insurance Conference in Georgia to be held on 14 March 2019 in Tbilisi!
Registration already opened. Take advantage of the early bird rates until 30 December
The conference aims to involve all the relevant stakeholders to identify the most appropriate solutions for the market's growth and to attract the investments and know-how, taking also into consideration the latest practices and other countries' experience.
20 December 2018GEORGIA: IC Groups officially becomes part of Bulgarian EUROINS Insurance Group
As already stated in September by EUROINS Insurance Group (EIG), Georgian insurer IC Group has become a member of the Bulgaria based group. EIG owns over 51% of the Georgian insurer.
19 December 2018GEORGIA: Bank of Georgia is creating its insurance company, while insurers demand to limit access of the banks to the insurance market
According to Devi KHECHINASHVILI, Chairman of the Board, Georgian Insurance Association, Bank of Georgia is creating its own insurance company. The new insurer already received a permission from the National Bank and is going to apply to the State Insurance Supervision Service.
19 December 2018STATISTICS: GEORGIA, 3Q2018: paid claims for property insurance increased by 425%, amounting to as much as half of premiums written for this line
For 9 months this year Georgian insurers generated GEL 417.19 million of GWP (EUR 137.66 million), which in local currency is 20.67% more y-o-y. Paid claims for the same period increased by 26.71%, as the data published by the Insurance Supervisory Office of Georgia show.
12 December 2018GEORGIA: a market leader, ALDAGI, believes the market has big potential but is still immature
"By global standards, insurance in Georgia is still immature - in the initial stages really - therefore there are many things that are yet to be done and the market has big potential," Giorgi BARATASHVILI, CEO of ALDAGI, told the FINANCIAL in an interview.
8 November 2018GEORGIA: from January 1, 2019 industrial accident insurance of employees will be compulsory
On January 1, 2019 in Georgia the article 5 of the law "On work safety" will come into force; based on it employers will be obliged at their expense to provide employees with industrial accident insurance.
31 October 2018STATISTICS: GEORGIA, 1H 2018: premiums of health insurance exceeded more than double the premiums of motor classes
The Georgian insurance market generated GWP in the amount of GEL 295.28 million (EUR 103.83 million) in the first half year, a 19.36% increase y-o-y, while the life sector increased by 69.36%, according to data from the Insurance Supervisory Office of Georgia.
20 September 2018GEORGIA: Starting in 2019 the model of financing universal health insurance in the country will change
Beginning in 2019, Georgia will change the model of financing within the General Health Insurance program. According to the Ministry of health the new system of reimbursement provides for transition to a model of diagnostically related groups (DRG), based on which a patient's diagnosis, age, length of hospitalization, and other criteria will determine the amount of funding, wrote Business Georgia.
19 September 2018"Green line" for EUROINS to acquire Georgian insurer IC Group
Bulgaria's EUROINS Insurance Group (EIG) stated that it has acquired IC Group, one of the leading insurers in Georgia. The regulatory approval for the purchase agreement has already been granted.
13 September 2018GEORGIA: In the 2nd quarter GPI Holding paid the biggest claim
According to preliminary data of the State Insurance Supervision Service of Georgia in the second quarter of this year, local insurers generated GEL 295.28 million (~EUR 103.47 million) of direct insurance premiums.
5 September 2018GEORGIA: total number of insured moto vehicles increased to 5.9%
According to the Insurance State Supervision Service of Georgia total number of insured moto vehicles in the country as of the end of the second quarter 2018 amounted to 5.9%, while last year their average number was 5.2%.
30 August 2018
