The Insurance Industry in Georgia, Key Trends and Opportunities to 2021

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GlobalData’s 'The Insurance Industry in Georgia, Key Trends and Opportunities to 2021' report provides detailed analysis of the market trends, drivers and challenges in the Georgian insurance industry.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2012–2016) and forecast period (2016–2021).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Georgian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Scope

This report provides a comprehensive analysis of the insurance industry in Georgia:

• It provides historical values for the Georgian insurance industry for the report’s 2012–2016 review period, and projected figures for the 2016–2021 forecast period.

• It offers a detailed analysis of the key segments in the Georgian insurance industry, along with market forecasts until 2021.

• It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.

• It analyzes the various distribution channels in Georgia.

• It profiles the top insurance companies in Georgia and outlines the key regulations affecting them.

Key Highlights

• On July 8, 2016, the Insurance State Supervision Service of Georgia (Supervision Service) made it mandatory for insurance companies to form a joint-stock company to carry out insurance activities.

• Amendments to the state universal healthcare program came into effect on March 1, 2017, which restricts private insurers from participating in the state health insurance program.

• In March, 2017, Aldagi BCI launched a new product related to trip insurance for the Georgian insurance market.

• TBC Bank acquired 100% shares of insurance company Kopenbur in October 2016. This acquisition was in accordance with the bank’s strategy to enhance its product offerings and is an important development for bancassurance.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Georgian insurance industry and each segment and category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Georgian insurance industry.

• Assess the competitive dynamics in the Georgian insurance industry.

• Identify the growth opportunities and market dynamics in key segments.

• Gain insights into key regulations governing the Georgian insurance industry and their impact on companies and the industry's future.

Georgian Pension and Insurance Holding JSC
Aldagi BCI
PSP Insurance Ltd
Imedi L Insurance Co.
IC Group
Unison Insurance Company Ltd
ARDI Group Insurance Co.

Table of Contents

1 KEY FACTS AND HIGHLIGHTS

2 EXECUTIVE SUMMARY

3 ECONOMY AND DEMOGRAPHICS

4 INDUSTRY OUTLOOK

4.1 Regional Comparison

4.2 Industry Indicators

4.2.1 Gross written premium

4.2.2 Policies sold

4.2.3 Claims

4.2.4 Assets

5 LIFE INSURANCE OUTLOOK

6 NON-LIFE INSURANCE OUTLOOK

6.1 Property Insurance

6.1.1 Gross written premium

6.1.2 Policies sold

6.1.3 Penetration

6.1.4 Claims

6.2 Motor Insurance

6.2.1 Gross written premium

6.2.2 Policies sold

6.2.3 Penetration

6.2.4 Claims

6.3 Liability Insurance

6.3.1 Gross written premium

6.3.2 Policies sold

6.3.3 Penetration

6.3.4 Claims

6.4 Marine, Aviation and Transit Insurance

6.4.1 Gross written premium

6.4.2 Policies sold

6.4.3 Penetration

6.4.4 Claims

7 PERSONAL ACCIDENT AND HEALTH INSURANCE OUTLOOK

7.1 Personal Accident Insurance

7.1.1 Gross written premium

7.1.2 Policies sold

7.1.3 Penetration

7.1.4 Claims

7.2 Health Insurance

7.2.1 Gross written premium

7.2.2 Policies sold

7.2.3 Penetration

7.2.4 Claims

7.3 Travel Insurance

7.3.1 Gross written premium

7.3.2 Policies sold

7.3.3 Penetration

7.3.4 Claims

8 REINSURANCE OUTLOOK

8.1 Premium Ceded

9 DISTRIBUTION CHANNEL OUTLOOK

10 NATURAL AND MAN-MADE HAZARDS

10.1 Flooding

10.2 Earthquakes

10.3 Exposure

11 COMPETITIVE LANDSCAPE

11.1 Company Profiles

11.1.1 Georgian Pension and Insurance Holding – company overview

11.1.2 Aldagi BCI – company overview

11.1.3 Imedi L Insurance Company – company overview

11.1.4 Unison Insurance Company Ltd – company overview

11.1.5 International Insurance Company (IRAO) – company overview

12 GOVERNANCE, RISK AND COMPLIANCE

12.1 Legislation Overview and Historical Evolution

12.2 Latest Changes in Regulation

12.3 Legislation and Market Practice by Type of Insurance

12.3.1 Life Insurance

12.3.2 Property Insurance

12.3.3 Motor Insurance

12.3.4 Liability insurance

12.3.5 Marine, aviation and transit insurance

12.3.6 Personal accident and health insurance

12.4 Compulsory Insurance

12.4.1 Liability insurance for ships with respect to oil pollution

12.4.2 Aviation liability insurance

12.5 Supervision and Control

12.5.1 International Association of Insurance Supervisors

12.5.2 The Insurance State Supervision Service of Georgia

12.5.3 Georgian Insurance Association

12.6 Non-Admitted Insurance Regulations

12.6.1 Overview

12.6.2 Intermediaries

12.6.3 Market practices

12.6.4 Fines and Penalties

12.7 Company Registration and Operations

12.7.1 Type of insurance organization

12.7.2 Establishing a local company

12.7.3 Foreign ownership

12.7.4 Types of license

12.7.5 Capital requirements

12.7.6 Solvency margin

12.7.7 Reserve requirements

12.7.8 Investment regulations

12.7.9 Statutory return requirements

12.7.10 Fee structure

12.8 Taxation

12.8.1 Insurance premium or policy taxation

12.8.2 Withholding taxes on premium paid overseas

12.8.3 Corporate tax

12.8.4 VAT

12.8.5 Captives

12.9 Legal System

12.9.1 Introduction

12.9.2 Access to court

12.9.3 Alternative dispute resolution (ADR)

13 DATABOOK

13.1 Life Insurance

13.1.1 Policies and premium

13.1.2 Claims and expenses

13.1.3 Assets and investments

13.2 Non-Life Insurance

13.2.1 Policies and premium

13.2.2 Claims and expenses

13.2.3 Assets and investments

13.2.4 Property insurance

13.2.5 Motor insurance

13.2.6 Motor insurance by category

13.2.7 Liability insurance

13.2.8 Marine, aviation and transit insurance

13.3 Personal Accident and Health Insurance

13.3.1 Policies and premium

13.3.2 Claims and expenses

13.3.3 Assets and investments

13.3.4 Personal accident insurance

13.3.5 Health insurance

13.3.6 Travel insurance

14 DEFINITIONS AND METHODOLOGY

14.1 Definitions

14.2 Methodology

15 ABOUT TIMETRIC

15.1 Contact GlobalData

15.2 About GlobalData

15.3 GlobalData’s Services

15.4 Disclaimer

Table

Table 1: Georgian Insurance Industry – Key Facts, 2016

Table 2: Georgian Insurance Industry – Leading Insurers, 2016

Table 3: Georgian Government Credit Ratings

Table 4: Georgian Insurance Industry – Gross Written Premium by Segment (GEL Million), 2012–2016

Table 5: Georgian Insurance Industry – Gross Written Premium by Segment (GEL Million), 2016–2021

Table 6: Georgian Insurance Industry – Density (Direct Written Premium Per Capita) by Segment (GEL), 2012–2016

Table 7: Georgian Insurance Industry – Density (Direct Written Premium Per Capita) by Segment (GEL), 2016–2021

Table 8: Georgian Insurance Industry – Number of Policies Sold by Segment (Thousand), 2012–2016

Table 9: Georgian Insurance Industry – Number of Policies Sold by Segment (Thousand), 2016–2021

Table 10: Georgian Insurance Industry – Paid Claims by Segment (GEL Million), 2012–2016

Table 11: Georgian Insurance Industry – Paid Claims by Segment (GEL Million), 2016–2021

Table 12: Georgian Insurance Industry – Total Assets by Segment (GEL Million), 2012–2016

Table 13: Georgian Insurance Industry – Total Assets by Segment (GEL Million), 2016–2021

Table 14: Georgian Life Insurance – Gross Written Premium (GEL Million and US$ Million), 2012–2016

Table 15: Georgian Life Insurance – Gross Written Premium (GEL Million and US$ Million), 2016–2021

Table 16: Georgian Non-life Insurance – Gross Written Premium (GEL Million and US$ Million), 2012–2016

Table 17: Georgian Non-life Insurance – Gross Written Premium (GEL Million and US$ Million), 2016–2021

Table 18: Georgian Property Insurance – Gross Written Premium (GEL Million and US$ Million), 2012–2016

Table 19: Georgian Property Insurance – Gross Written Premium (GEL Million and US$ Million), 2016–2021

Table 20: Georgian Property Insurance – Number of Policies sold (Thousand), 2012–2016

Table 21: Georgian Property Insurance – Number of Policies sold (Thousand), 2016–2021

Table 22: Georgian Property Insurance – Paid Claims (GEL Million and US$ Million), 2012–2016

Table 23: Georgian Property Insurance – Paid Claims (GEL Million and US$ Million), 2016–2021

Table 24: Georgian Motor Insurance – Gross Written Premium (GEL Million and US$ Million), 2012–2016

Table 25: Georgian Motor Insurance – Gross Written Premium (GEL Million and US$ Million), 2016–2021

Table 26: Georgian Motor Insurance – Number of Policies sold (Thousand), 2012–2016

Table 27: Georgian Motor Insurance – Number of Policies sold (Thousand), 2016–2021

Table 28: Georgian Motor Insurance – Paid Claims (GEL Million and US$ Million), 2012–2016

Table 29: Georgian Motor Insurance – Paid Claims (GEL Million and US$ Million), 2016–2021

Table 30: Georgian Liability Insurance – Gross Written Premium (GEL Million and US$ Million), 2012–2016

Table 31: Georgian Liability Insurance – Gross Written Premium (GEL Million and US$ Million), 2016–2021

Table 32: Georgian Liability Insurance – Number of Policies sold (Thousand), 2012–2016

Table 33: Georgian Liability Insurance – Number of Policies sold (Thousand), 2016–2021

Table 34: Georgian Liability Insurance – Paid Claims (GEL Thousands and US$ Thousands), 2012–2016

Table 35: Georgian Liability Insurance – Paid Claims (GEL Thousands and US$ Thousands), 2016–2021

Table 36: Georgian Marine, Aviation and Transit Insurance – Gross Written Premium (GEL Million and US$ Million), 2012–2016

Table 37: Georgian Marine, Aviation and Transit Insurance – Gross Written Premium (GEL Million and US$ Million), 2016–2021

Table 38: Georgian Marine, Aviation and Transit Insurance – Number of Policies sold (Thousand), 2012–2016

Table 39: Georgian Marine, Aviation and Transit Insurance – Number of Policies sold (Thousand), 2016–2021

Table 40: Georgian Marine, Aviation and Transit Insurance – Paid Claims (GEL Million and US$ Million), 2012–2016

Table 41: Georgian Marine, Aviation and Transit Insurance – Paid Claims (GEL Million and US$ Million), 2016–2021

Table 42: Georgian Personal Accident and Health Insurance – Gross Written Premium (GEL Million and US$ Million), 2012–2016

Table 43: Georgian Personal Accident and Health Insurance – Gross Written Premium (GEL Million and US$ Million), 2016–2021

Table 44: Georgian Personal Accident Insurance – Gross Written Premium (GEL Million and US$ Million), 2012–2016

Table 45: Georgian Personal Accident Insurance – Gross Written Premium (GEL Million and US$ Million), 2016–2021

Table 46: Georgian Personal Accident Insurance – Number of Policies sold (Thousand), 2012–2016

Table 47: Georgian Personal Accident Insurance – Number of Policies sold (Thousand), 2016–2021

Table 48: Georgian Personal Accident Insurance – Paid Claims (GEL Thousand and US$ Thousand), 2012–2016

Table 49: Georgian Personal Accident Insurance – Paid Claims (GEL Thousand and US$ Thousand), 2016–2021

Table 50: Georgian Health Insurance – Gross Written Premium (GEL Million and US$ Million), 2012–2016

Table 51: Georgian Health Insurance – Gross Written Premium (GEL Million and US$ Million), 2016–2021

Table 52: Georgian Health Insurance – Number of Policies sold (Thousand), 2012–2016

Table 53: Georgian Health Insurance – Number of Policies sold (Thousand), 2016–2021

Table 54: Georgian Health Insurance – Paid Claims (GEL Million and US$ Million), 2012–2016

Table 55: Georgian Health Insurance – Paid Claims (GEL Million and US$ Million), 2016–2021

Table 56: Georgian Travel Insurance – Gross Written Premium (GEL Million and US$ Million), 2012–2016

Table 57: Georgian Travel Insurance – Gross Written Premium (GEL Million and US$ Million), 2016–2021

Table 58: Georgian Travel Insurance – Number of Policies sold (Thousand), 2012–2016

Table 59: Georgian Travel Insurance – Number of Policies sold (Thousand), 2016–2021

Table 60: Georgian Travel Insurance – Paid Claims (GEL Thousand and US$ Thousand), 2012–2016

Table 61: Georgian Travel Insurance – Paid Claims (GEL Thousand and US$ Thousand), 2016–2021

Table 62: Georgian Reinsurance – Premium Ceded by Insurance Segment (GEL Million), 2012–2016

Table 63: Georgian Reinsurance – Premium Ceded by Insurance Segment (GEL Million), 2016–2021

Table 64: Georgian Average Annual Loss by Natural Hazards (US$ Million), 1990–2014

Table 65: Georgian Life Segment – Market Shares of Leading Insurers (%), 2016

Table 66: Georgian Non-Life Segment – Market Shares of Leading Insurers (%), 2016

Table 67: Georgian Personal Accident and Health Segment – Market Shares of Leading Insurers (%), 2016

Table 68: Georgian Pension and Insurance Holding – Key Facts

Table 69: Aldagi BCI – Key Facts

Table 70: Imedi L Insurance Company – Key Facts

Table 71: Unison Insurance Company Ltd – Key Facts

Table 72: International Insurance Company IRAO – Key Facts

Table 73: Georgia – Insurance Regulatory Framework Key Features

Table 74: Georgia – Life Insurance Regulatory Framework

Table 75: Georgia – Property Insurance Regulatory Framework

Table 76: Georgia – Motor Insurance Regulatory Framework

Table 77: Georgia – Liability Insurance Regulatory Framework

Table 78: Georgia – Surcharge for the Financial Year 2016

Table 79: Georgian Life Insurance – Policies and Premium, 2012–2016

Table 80: Georgian Life Insurance – Policies and Premium, 2016–2021

Table 81: Georgian Life Insurance – Claims, 2012–2016

Table 82: Georgian Life Insurance – Claims, 2016–2021

Table 83: Georgian Life Insurance – Assets, 2012–2016

Table 84: Georgian Life Insurance – Assets, 2016–2021

Table 85: Georgian Non-Life Insurance – Policies and Premium, 2012–2016

Table 86: Georgian Non-Life Insurance – Policies and Premium, 2016–2021

Table 87: Georgian Non-Life Insurance – Claims and Expenses, 2012–2016

Table 88: Georgian Non-Life Insurance – Claims and Expenses, 2016–2021

Table 89: Georgian Non-Life Insurance – Assets and Investments, 2012–2016

Table 90: Georgian Non-Life Insurance – Assets and Investments, 2016–2021

Table 91: Georgian Non-Life Insurance – Property Insurance, 2012–2016

Table 92: Georgian Non-Life Insurance – Property Insurance, 2016–2021

Table 93: Georgian Non-Life Insurance – Motor Insurance, 2012–2016

Table 94: Georgian Non-Life Insurance – Motor Insurance, 2016–2021

Table 95: Georgian Non-Life Insurance – Motor Insurance by Category, 2012–2016

Table 96: Georgian Non-Life Insurance – Motor Insurance by Category, 2016–2021

Table 97: Georgian Non-Life Insurance – Liability Insurance, 2012–2016

Table 98: Georgian Non-Life Insurance – Liability Insurance, 2016–2021

Table 99: Georgian Non-Life Insurance – Marine, Aviation and Transit Insurance, 2012–2016

Table 100: Georgian Non-Life Insurance – Marine, Aviation and Transit Insurance, 2016–2021

Table 101: Georgian Personal Accident and Health Insurance – Policies and Premium, 2012–2016

Table 102: Georgian Personal Accident and Health Insurance – Policies and Premium, 2016–2021

Table 103: Georgian Personal Accident and Health Insurance – Claims and Expenses, 2012–2016

Table 104: Georgian Personal Accident and Health Insurance – Claims and Expenses, 2016–2021

Table 105: Georgian Personal Accident and Health Insurance – Assets and Investments, 2012–2016

Table 106: Georgian Personal Accident and Health Insurance – Assets and Investments, 2016–2021

Table 107: Georgian Personal Accident and Health Insurance – Personal Accident Insurance, 2012–2016

Table 108: Georgian Personal Accident and Health Insurance – Personal Accident Insurance, 2016–2021

Table 109: Georgian Personal Accident and Health Insurance – Health Insurance, 2012–2016

Table 110: Georgian Personal Accident and Health Insurance – Health Insurance, 2016–2021

Table 111: Georgian Personal Accident and Health Insurance – Travel Insurance, 2012–2016

Table 112: Georgian Personal Accident and Health Insurance – Travel Insurance, 2016–2021

Table 113: Insurance Industry Definitions

Figures

Figure 1: Georgian GDP Composition, 2016

Figure 2: Georgian Real GDP (US$ Billion), 2012–2021

Figure 3: Georgian Consumer Price Inflation (%), 2012–2021

Figure 4: Georgian Current Account Balance as Percentage of GDP (%), 2012–2021

Figure 5: Georgian Exchange Rate, 2012–2021

Figure 6: Georgian Unemployment Rate, 2012–2021

Figure 7: Georgian Population by Age Group, 1991–2025

Figure 8: Georgian Life Insurance Penetration – Regional Comparison (%), 2016

Figure 9: Georgian Non-Life Insurance Penetration – Regional Comparison (%), 2016

Figure 10: Georgian Personal Accident and Health Insurance Penetration – Regional Comparison (%), 2016

Figure 11: Georgian Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2016

Figure 12: Georgian Insurance Industry – Gross Written Premium by Segment, 2012–2021

Figure 13: Georgian Insurance Industry – Density (Direct Written Premium Per Capita) by Segment (GEL), 2012–2021

Figure 14: Georgian Insurance Industry – Number of Policies Sold by Segment (Million), 2012–2021

Figure 15: Georgian Insurance Industry – Paid Claims by Segment (GEL Million), 2012−2021

Figure 16: Georgian Insurance Industry – Total Assets by Segment (GEL Million), 2012−2021

Figure 17: Georgian Life Insurance – Gross Written Premium (GEL Million), 2012−2021

Figure 18: Georgian Non-Life Insurance – Gross Written Premium (GEL Million), 2012−2021

Figure 19: Georgian Property Insurance – Gross Written Premium (GEL Million), 2012−2021

Figure 20: Georgian Property Insurance – Number of Policies sold (Thousand), 2012–2021

Figure 21: Georgian Property Insurance – Penetration, 2012−2016

Figure 22: Georgian Property Insurance – Penetration, 2016−2021

Figure 23: Georgian Property Insurance – Paid Claims (GEL Million), 2012–2021

Figure 24: Georgian Motor Insurance – Gross Written Premium (GEL Million), 2012–2021

Figure 25: Georgian Motor Insurance – Number of Policies sold (Thousand), 2012–2021

Figure 26: Georgian Motor Insurance – Penetration, 2012−2016

Figure 27: Georgian Motor Insurance – Penetration, 2016−2021

Figure 28: Georgian Motor Insurance – Paid Claims (GEL Million), 2012–2021

Figure 29: Georgian Liability Insurance – Gross Written Premium (GEL Million), 2012–2021

Figure 30: Georgian Liability Insurance – Number of Policies sold (Thousand), 2012–2021

Figure 31: Georgian Liability Insurance – Penetration, 2012−2016

Figure 32: Georgian Liability Insurance – Penetration, 2016−2021

Figure 33: Georgian Liability Insurance – Paid Claims (GEL Thousands), 2012–2021

Figure 34: Georgian Marine, Aviation and Transit Insurance – Gross Written Premium (GEL Million), 2012–2021

Figure 35: Georgian Marine, Aviation and Transit Insurance – Number of Policies sold (Thousand), 2012–2021

Figure 36: Georgian Marine, Aviation and Transit Insurance – Penetration, 2012−2016

Figure 37: Georgian Marine, Aviation and Transit Insurance – Penetration, 2016−2021

Figure 38: Georgian Marine, Aviation and Transit Insurance – Paid Claims (GEL Million), 2016–2021

Figure 39: Georgian Personal Accident and Health Insurance – Gross Written Premium (GEL Million), 2012–2021

Figure 40: Georgian Personal Accident Insurance – Gross Written Premium (GEL Million), 2016–2021

Figure 41: Georgian Personal Accident Insurance – Number of Policies sold (Thousand), 2012–2021

Figure 42: Georgian Personal Accident Insurance – Penetration, 2012−2016

Figure 43: Georgian Personal Accident Insurance – Penetration, 2016−2021

Figure 44: Georgian Personal Accident Insurance – Paid Claims (GEL Million), 2016–2021

Figure 45: Georgian Health Insurance – Gross Written Premium (GEL Million), 2016–2021

Figure 46: Georgian Health Insurance – Number of Policies sold (Thousand), 2012–2021

Figure 47: Georgian Health Insurance – Penetration, 2012−2016

Figure 48: Georgian Health Insurance – Penetration, 2012−2016

Figure 49: Georgian Health Insurance – Paid Claims (GEL Million), 2012–2021

Figure 50: Georgian Travel Insurance – Gross Written Premium (GEL Million), 2012–2021

Figure 51: Georgian Travel Insurance – Number of Policies sold (Thousand), 2012–2021

Figure 52: Georgian Travel Insurance – Penetration, 2012−2016

Figure 53: Georgian Travel Insurance – Penetration, 2016−2021

Figure 54: Georgian Travel Insurance – Paid Claims (GEL Thousand), 2012–2021

Figure 55: Georgian Reinsurance – Premium Ceded by Insurance Segment (GEL Million), 2012–2021

Figure 56: Georgian Life Insurance – Percentage of Reinsurance ceded (%), 2012−2021

Figure 57: Georgian Non-Life Insurance – Percentage of Reinsurance ceded (%), 2012−2021

Figure 58: Georgian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2012−2021

Figure 59: Georgia – Frequency of Hazards by Type, 1990−2014

Figure 60: Georgia – Mortality by Hazard Type, 1990−2014

Figure 61: Georgia – Economic Losses by Hazard Type, 1990−2014

Figure 62: Georgian Life Segment – Market Shares of Leading Insurers (%), 2016

Figure 63: Georgian Non-Life Segment – Market Shares of Leading Insurers (%), 2016

Figure 64: Georgian Personal Accident and Health Segment – Market Shares of Leading Insurers (%), 2016

Figure 65: Georgia – Insurance Supervision and Control at Various Levels

Figure 66: Georgia – Insurance Regulatory Frameworks for Company Registration and Operation

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