2018’s Largest Insurance Companies in Georgia
For the active Georgian insurance companies, previous year turned out to be quite successful. According to the data of the Insurance State Supervision of Georgia, the net profit of the industry, as well as its assets and incomes has increased. In particular, the attracted premiums of the 17 active companies have made 542.2 Million Gel, the profits of these companies have doubled; the assets have grown up to 743.2 Million Gel whereas the capital has reached 221.6 Million Gel.
The leader on the market with attracted insurance premiums is GPI Holding. In 2018 only two companies - Aldagi and PSP suffered from the decrease of attracted premiums. The largest improvement was made by TBC Insurance.
Last year, the highest damage compensation was made by the GPI Company. In particular, the insurance company compensated a total of 78 Million Gel, which was followed by Imedi L (40.7 Million Gel) and Aldagi (33.8 Million Gel).
Within the medical insurance category with attracted premiums and market share, GPI is also holding the leading position. The company holds 29% of the market with 63.1 Million Gel. The second is Imedi L, which, in 2018, within the medical insurance, attracted the premiums worth of 55.8% Million Gel and occupied 26% of the market. The third company with the 12% market share and 26.3 Million Gel is Ardi, followed by PSP (14.7 Mln and 7% of the market) and Irao (12.4 Mln Gel and 6% of the market). The rest of the shares comes to 12 different companies.
Within the property insurance category, the leader of the market is Aldagi - 28.4 Million Gel and 33% of the whole share; next is Unison with 16.2 Million Gel worth of attracted premiums and 19% of the market; followed by GPI on the third position with 13.8 Million Gel and 16% of the market. The rest of the share comes to 14 different insurance companies.
Regarding the life insurance category, TBC holds the leading position. In 2018, the company attracted 18.8 Million Gel worth of premiums and occupied 50% of the market.
Within the civil liability insurance category, the leader is Aldagi. This company in one year attracted 12.3 Million Gel worth of premiums within this category and occupied 48% of the whole share.