Insurance Market Statistics for 6 months of 2020
The “State Insurance Supervision Service of Georgia” has published the preliminary data of the insurance market for 6 months of 2020.
As of June 30, 2020, 18 insurance companies are registered, 17 of which hold life and non-life insurance licenses and one of which has only non-life insurance licenses;
During the 6 months of 2020, the insurance premium attracted to direct insurance activities amounted to 376.9 million GEL, which is 9% more than in the same period of the previous year.
Insurers' insurance profit amounted to GEL 89.5 million and increased by 23%, while net profit amounted to GEL 29.2 million, which is 49% more than the same period last year.
The total assets of insurance companies amounted to GEL 976.7 million and increased by 3% compared to the same period of the previous year, while the capital increased by 18% and amounted to GEL 273.9 million.
As for reimbursed losses, it looks like this:
Insurance companies reimbursed GEL 154.3 million in insurance losses during the first 6 months of 2020, which is 24% less than in the same period of the previous year, although the amount of net reimbursed losses (excluding reinsurance) increased by 3% to GEL 131.4 million.
The amount of insurance losses incurred during the 6 months of 2020 is GEL 190.8 million, which is 39% less than the data of the same period of the previous year, although the amount of net losses (excluding reinsurance) increased by 9% and GEL 141.3 mln.
Insurance market structure by types of insurance in 2020, the 6-month data is as follows:
► Medical (health) insurance 171.4 million GEL - 45% of market sales;
► Property insurance 59 million GEL - 16% of sales
► Transport insurance 59 million GEL - 16% of sales
► Life insurance 26.3 million GEL - 7% of sales
► Civil liability of car owners 20.2 million GEL - 5%
► Civil liability Insurance 13.6 million GEL - 4%
►The rest of the insurance products in total - 7% (27.3 million).
Source: State Insurance Supervision Service of Georgia.