Insurance Company Profits Increase by 21.5 Million GEL

The total capital comes to 200 million GEL, which is an increase of 47.6 million GEL compared to last year.

During the first nine months of this year, insurance companies operating in Georgia received 34.6 million GEL net profit, 21.5 million GEL higher than the same period the previous year. The volume of premiums secured by the companies has also grown (by direct insurance) and equates to 417.1 million GEL compared to last year’s 345.7 million GEL.

The industry’s assets have also grown and on September 30 amounted to 712.3 million GEL, which is 115 million GEL higher than the same period the previous year.

The total capital comes to 200 million GEL, which is an increase of 47.6 million GEL compared to last year.

According to data of the Insurance Supervision Service, during the first nine months of this year, the largest amount of premiums were secured by the GPI company amounting to 87.9 million GEL – marking a 4.7 million GEL increase compared to the previous year. In second place with premium deals is Aldagi reaching 62.1 million GEL. However, compared to the previous year Aldagi’s premium deals have been reduced by 9 million GEL. In third place is Imedi L with 51.3 million GEL, which is 7.5 million GEL higher than the previous year. In fourth place is TBC Insurance with 44.5 million GEL. the company doubled its premium deals in a year (19.5 million GEL -  during the 9 months in 2017). The top five is completed by Unison with 33 million GEL – the growth compared to the previous year amounts to 20.2 million GEL. PSP’s premium deals have been significantly reduced and if during the nine months last year the premium deals came to 29 million GEL, this year it fell to 15.5 million GEL.

During the reporting period, GPI disbursed the highest amount in compensation to the amount of 55.6 million GEL, followed by Unison with 30.3 GEL and Imedi L with 29.5 million GEL.

17 insurance companies are registered in Georgia, 16 of which possess life and non-life insurance license, and one possesses only the latter.

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