In 2017, revenue of insurance companies was 1.5 mln GEL more than in 2016 and the companies’ net revenue made 20.3 mln GEL. in 2017, 16 insurance companies operated in Georgia, of which 7 ended the year with losses.
The most unprofitable last year was for PSP Insurance, which ended the year with the loss of 4 488 096 GEL. the year was also unprofitable for Imedi L – the company’s loss by the end of the year was 3 012 959 GEL. 1 518 821 GEL was the loss of Global Benefits Georgia. International insurance company Kamara incurred 215 897 GEL loss. Insurance company IC Group lost 485 207 GEL and IRAO lost 27 746 GEL. The loss of Prime Insurance Company in 2017 was 147 890 GEL.
As to the most profitable players at the market, Aldagi was number one insurance company with the revenue of over 16 mln GEL, followed by GPI Holding with 6.7 mln GEL and ARDI with 2.8 mln GEL.
Net revenue of insurance companies in 2017 was as follows:
Aldagi – 16 457 056 GEL
GPI – 6 713 074 GEL
Ardi – 2 186 986 GEL
Unisoni – 1 399 964 GEL
TBC Insurance – 1 109 007 GEL
TAO – 845 454 GEL
Alpha – 771 578 GEL
Georgian Insurance Group – 396 101 GEL
Cartu – 359 023 GEL
For the last four years, Georgian insurance sector has been profitable. For comparison: in 2016, ner revenue of the companies made 18.8 mln GEL, while in 2015 the revenue was 2.6 mln GEL and in 2014 – 40.3 mln GEL. The sector ended 2013 with the total loss of 3.2 mln GEL and 2012 – with 7.2 mln GEL loss. The loss of the sector in 2011 was over 22 mln GEL. The Insurance State Supervision Service of Georgia has already published the 2017 financial results of the companies, however, the general picture may still be slightly changed, since, as the Service explains, information on some of the companies is being clarified.
The value of assets of the insurance companies operating in Georgia, is 580.2 mln GEL and the stock makes 154 mln GEL. GPI is leading with attracted insurance premium (102.7 mln GEL), followed by Aldagi (90 mln GEL) and Imedi L (51.7 mln GEL). In 2017, the biggest insurance claim was compensated by GPI – over 61 mln GEL, Imedi L – 43.7 mln GEL and Aldagi – 35.4 mln GEL.
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