Insurance Market: 2016

There were 14 licensed insurance companies operating in Georgia by the end of 2016. In total, they attracted insurance bonuses in amount of 393,038,614 GEL in 18 different types of insurance (including 60% of the full bonus on the first three ones). According to insurance types, medical insurance has 45% of the market share (76% of the attracted bonus was on the three leading types of insurance. insurance companies reimbursed 231,862,996 GEL during the whole year.

Bonuses

The amount of bonuses attracted by insurance companies in 2016 is as follows:

	Insurance Company	Received Bonuses (ლ.)
1	GPI Holding	88,883,773
2	Aldagi	77,902,354
3	Imedi L	67,620,360
4	Ardi Insurance	31,528,057
5	PSP Insurance	31,467,461
6	Irao	28,133,111
7	Unisoni	21,165,130
8	IC Group	15,020,841
9	Cartu	11,012,776
10	TBC Insurance	7,705,065
11	Alfa	6,375,058
12	Standard Insurance Georgia	5,777,357
13	Kamara	328,838
14	Tao	118,434
	Total	393,038,614

Reimbursement

The amount of payments issued by insurance companies in 2016 is as follows:

	Insurance Company	Reimbursement(ლ.)
1	Imedi L	52,572,754
2	GPI Holding	42,018,341
3	PSP Insurance	28,742,514
4	Irao	27,958,659
5	Aldagi	27,299,608
6	Ardi Insurance	16,589,374
7	IC Group	8,777,651
8	Alfa	7,834,592
9	Unisoni	6,999,232
10	Cartu	5,478,022
11	TBC Insurance	4,424,619
12	Standard Insurance Georgia	2,880,325
13	Kamara	203,198
14	Tao	84,108
	Total	231,862,996

Market structure

According to the types of insurance, the market structure is as follows:

	Insurance Type	Bonuces (ლ.)	Share (%)
1	Medical	175,316,207	44.6
2	Property	65,373,030	16.6
3	Land transport means	59,705,032	15.2
4	Life	25,374,505	6.5
5	Civil liability	25,189,538	6.4
6	Other types	42,080,302	10.7
	Total	393,038,614	100

***

The article is based on the data  of LEPL Insurance State Supervision State of Georgia.

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