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The Insurance Industry in Georgia, Key Trends and Opportunities to 2022

The Insurance Industry in Georgia, Key Trends and Opportunities to 2022

Summary

GlobalData’s The Insurance Industry in Georgia, Key Trends and Opportunities to 2022 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 and claims during the review period (2013-2017) and forecast period (2017-2022).

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.

Inside this report, we look at the top themes, its predictions and identify winners and losers.

The report provides in-depth market analysis, information and insights into the Georgian insurance industry, including -

  • The Georgian insurance industry's growth prospects by segment and category
  • A comprehensive overview of the Georgian economy and demographics
  • Details of the competitive landscape in the Georgian insurance industry
  • The various distribution channels in the Georgian insurance industry
  • Details of regulatory policy applicable to the Georgian insurance industry
  • Analysis of natural hazards in the Georgian insurance industry.
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 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
  • It offers a detailed analysis of the key segments in the Georgian insurance industry, with market forecasts to 2022.
  • It covers an exhaustive list of parameters, including written premium and claims.
  • It analyzes the various distribution channels in Georgia.
  • It profiles the top insurance companies in Georgia, and outlines the key regulations affecting them.
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.


1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Industry Outlook
4.1 Industry Indicators
4.1.1 Gross written premium
4.1.2 Direct written premium
4.1.3 Insurance density
4.1.4 Active policies
4.1.5 Paid claims
5 Life Insurance Outlook
5.1 Segment Indicators
5.1.1 Gross written premium
5.1.2 Direct written premium
5.1.3 Active policies
5.1.4 Paid claims
5.1.5 Penetration
6 General Insurance Outlook
6.1 Segment Indicators
6.1.1 Gross written premium
6.1.2 Direct written premium
6.1.3 Active policies
6.1.4 Paid claims
6.1.5 Penetration
6.2 Property Insurance
6.2.1 Gross written premium
6.2.2 Active policies
6.2.3 Penetration
6.2.4 Claims
6.3 Motor Insurance
6.3.1 Gross written premium
6.3.2 Active policies
6.3.3 Penetration
6.3.4 Claims
6.4 Liability Insurance
6.4.1 Gross written premium
6.4.2 Active policies
6.4.3 Penetration
6.4.4 Claims
6.5 Financial Lines Insurance
6.5.1 Gross written premium
6.5.2 Active policies
6.5.3 Penetration
6.5.4 Claims
6.6 Marine, Aviation and Transit Insurance
6.6.1 Gross written premium
6.6.2 Active policies
6.6.3 Penetration
6.6.4 Claims
6.7 Personal Accident and Health Insurance
6.7.1 Gross written premium
6.7.2 Active policies
6.7.3 Penetration
6.7.4 Claims
7 Reinsurance Outlook
7.1 Premium Ceded
8 Distribution Channel Outlook
9 Natural and Man-Made Hazards
9.1 Flooding
9.2 Earthquakes
9.3 Man-made Hazards
9.4 Exposure
10 Competitive Landscape
10.1 Company Profiles
10.1.1 Georgian Pension and Insurance Holding - company overview
10.1.2 Aldagi BCI - company overview
10.1.3 Imedi L Insurance Company - company overview
10.1.4 Unison Insurance Company Ltd - company overview
10.1.5 Ardi Insurance - company overview
11 Governance, Risk and Compliance
11.1 Legislation Overview and Historical Evolution
11.2 Latest Changes in Regulation
11.3 Legislation and Market Practice by Type of Insurance
11.3.1 Life Insurance
11.3.2 Property Insurance
11.3.3 Motor Insurance
11.3.4 Liability insurance
11.3.5 Marine, aviation and transit insurance
11.3.6 Personal accident and health insurance
11.4 Compulsory Insurance
11.4.1 Liability insurance for ships with respect to oil pollution
11.4.2 Aviation liability insurance
11.5 Supervision and Control
11.5.1 International Association of Insurance Supervisors
11.5.2 The Insurance State Supervision Service of Georgia
11.5.3 Georgian Insurance Association
11.6 Non-Admitted Insurance Regulations
11.6.1 Overview
11.6.2 Intermediaries
11.6.3 Market practices
11.6.4 Fines and Penalties
11.7 Company Registration and Operations
11.7.1 Type of insurance organization
11.7.2 Establishing a local company
11.7.3 Foreign ownership
11.7.4 Types of license
11.7.5 Capital requirements
11.7.6 Solvency margin
11.7.7 Reserve requirements
11.7.8 Investment regulations
11.7.9 Statutory return requirements
11.7.10 Fee structure
11.8 Taxation
11.8.1 Insurance premium or policy taxation
11.8.2 Withholding taxes on premium paid overseas
11.8.3 Corporate tax
11.8.4 VAT
11.8.5 Captives
11.9 Legal System
11.9.1 Introduction
11.9.2 Access to court
11.9.3 Alternative dispute resolution (ADR)
12 Databook
12.1 Life Insurance
12.1.1 Policies and premium
12.1.2 Claims and expenses
12.2 General Insurance
12.2.1 Policies and premium
12.2.2 Claims and expenses
12.2.3 Property insurance
12.2.4 Motor insurance
12.2.5 Motor insurance by category
12.2.6 Liability insurance
12.2.7 Financial lines insurance
12.2.8 Marine, aviation and transit insurance
12.2.9 Marine, aviation and transit insurance by category
12.2.10 Personal accident and health insurance
12.2.11 Personal accident and health insurance by category
13 Definitions and Methodology
13.1 Definitions
13.2 Methodology
14 About GlobalData
14.1 Contact GlobalData
14.2 About GlobalData
14.3 GlobalData’s Services
14.4 Disclaimer
List of Tables
Table 1: Georgian Insurance Industry - Key Facts,
Table 2: Georgian Insurance Industry - Share of Top Insurers,
Table 3: Georgian Government Credit Ratings
Table 4: Georgian Insurance Industry - Gross Written Premium (GEL Million and US$ Million), 2013-
Table 5: Georgian Insurance Industry - Gross Written Premium (GEL Million and US$ Million), 2017-
Table 6: Georgian Insurance Industry - Direct Written Premium (GEL Million and US$ Million), 2013-
Table 7: Georgian Insurance Industry - Direct Written Premium (GEL Million and US$ Million), 2017-
Table 8: Georgian Insurance Industry - Density (GEL), 2013-
Table 9: Georgian Insurance Industry - Density (GEL), 2017-
Table 10: Georgian Insurance Industry - Number of Active Policies (Thousand), 2013-
Table 11: Georgian Insurance Industry - Number of Active Policies (Thousand), 2017-
Table 12: Georgian Insurance Industry - Paid Claims (GEL Million and US$ Million), 2013-
Table 13: Georgian Insurance Industry - Paid Claims (GEL Million and US$ Million), 2017-
Table 14: Georgian Life Insurance - Gross Written Premium (GEL Million and US$ Million), 2013-
Table 15: Georgian Life Insurance - Gross Written Premium (GEL Million and US$ Million), 2017-
Table 16: Georgian Life Insurance - Direct Written Premium (GEL Million and US$ Million), 2013-
Table 17: Georgian Life Insurance - Direct Written Premium (GEL Million and US$ Million), 2017-
Table 18: Georgian Life Insurance - Number of Active Policies (Thousand), 2013-
Table 19: Georgian Life Insurance - Number of Active Policies (Thousand), 2017-
Table 20: Georgian Life Insurance - Paid Claims (GEL Million and US$ Million), 2013-
Table 21: Georgian Life Insurance - Paid Claims (GEL Million and US$ Million), 2017-
Table 22: Georgian General Insurance - Gross Written Premium (GEL Million and US$ Million), 2013-
Table 23: Georgian General Insurance - Gross Written Premium (GEL Million and US$ Million), 2017-
Table 24: Georgian General Insurance - Direct Written Premium (GEL Million and US$ Million), 2013-
Table 25: Georgian General Insurance - Direct Written Premium (GEL Million and US$ Million), 2017-
Table 26: Georgian General Insurance - Number of Active Policies (Thousand), 2013-
Table 27: Georgian General Insurance - Number of Active Policies (Thousand), 2017-
Table 28: Georgian General Insurance - Paid Claims (GEL Million and US$ Million), 2013-
Table 29: Georgian General Insurance - Paid Claims (GEL Million and US$ Million), 2017-
Table 30: Georgian Property Insurance - Gross Written Premium (GEL Million and US$ Million), 2013-
Table 31: Georgian Property Insurance - Gross Written Premium (GEL Million and US$ Million), 2017-
Table 32: Georgian Property Insurance - Number of Active Policies (Thousand), 2013-
Table 33: Georgian Property Insurance - Number of Active Policies (Thousand), 2017-
Table 34: Georgian Property Insurance - Paid Claims (GEL Million and US$ Million), 2013-
Table 35: Georgian Property Insurance - Paid Claims (GEL Million and US$ Million), 2017-
Table 36: Georgian Motor Insurance - Gross Written Premium (GEL Million and US$ Million), 2013-
Table 37: Georgian Motor Insurance - Gross Written Premium (GEL Million and US$ Million), 2017-
Table 38: Georgian Motor Insurance - Number of Active Policies (Thousand), 2013-
Table 39: Georgian Motor Insurance - Number of Active Policies (Thousand), 2017-
Table 40: Georgian Motor Insurance - Paid Claims (GEL Million and US$ Million), 2013-
Table 41: Georgian Motor Insurance - Paid Claims (GEL Million and US$ Million), 2017-
Table 42: Georgian Liability Insurance - Gross Written Premium (GEL Million and US$ Million), 2013-
Table 43: Georgian Liability Insurance - Gross Written Premium (GEL Million and US$ Million), 2017-
Table 44: Georgian Liability Insurance - Number of Active Policies (Thousand), 2013-
Table 45: Georgian Liability Insurance - Number of Active Policies (Thousand), 2017-
Table 46: Georgian Liability Insurance - Paid Claims (GEL Thousands and US$ Thousands), 2013-
Table 47: Georgian Liability Insurance - Paid Claims (GEL Million and US$ Thousands), 2017-
Table 48: Georgian Financial Lines Insurance - Gross Written Premium (GEL Million and US$ Million), 2013-
Table 49: Georgian Financial Lines Insurance - Gross Written Premium (GEL Million and US$ Million), 2017-
Table 50: Georgian Financial Lines Insurance - Number of Active Policies (Thousand), 2013-
Table 51: Georgian Financial Lines Insurance - Number of Active Policies (Thousand), 2017-
Table 52: Georgian Financial Lines Insurance - Paid Claims (GEL Million and US$ Million), 2013-
Table 53: Georgian Financial Lines Insurance - Paid Claims (GEL Million and US$ Thousand), 2017-
Table 54: Georgian Marine, Aviation and Transit Insurance - Gross Written Premium (GEL Million and US$ Million), 2013-
Table 55: Georgian Marine, Aviation and Transit Insurance - Gross Written Premium (GEL Million and US$ Million), 2017-
Table 56: Georgian Marine, Aviation and Transit Insurance - Number of Active Policies (Thousand), 2013-
Table 57: Georgian Marine, Aviation and Transit Insurance - Number of Active Policies (Thousand), 2017-
Table 58: Georgian Marine, Aviation and Transit Insurance - Paid Claims (GEL Thousands and US$ Thousands), 2013-
Table 59: Georgian Marine, Aviation and Transit Insurance - Paid Claims (GEL Thousands and US$ Thousands), 2017-
Table 60: Georgian Personal Accident and Health Insurance - Gross Written Premium (GEL Million and US$ Million), 2013-
Table 61: Georgian Personal Accident and Health Insurance - Gross Written Premium (GEL Million and US$ Million), 2017-
Table 62: Georgian Personal Accident and Health Insurance - Number of Active Policies (Thousand), 2013-
Table 63: Georgian Personal Accident and Health Insurance - Number of Active Policies (Thousand), 2017-
Table 64: Georgian Personal Accident and Health Insurance - Paid Claims (GEL Million and US$ Million), 2013-
Table 65: Georgian Personal Accident and Health Insurance - Paid Claims (GEL Million and US$ Million), 2017-
Table 66: Georgian Reinsurance - Premium Ceded by Insurance Segment (GEL Million), 2013-
Table 67: Georgian Reinsurance - Premium Ceded by Insurance Segment (GEL Million), 2017-
Table 68: Georgian Insurance Industry - Share of the Leading Insurers (%),
Table 69: Georgian Life Insurance Segment - Shares of Leading Insurers (%),
Table 70: Georgian General Insurance Segment - Share of Leading Insurers (%),
Table 71: Georgian Pension and Insurance Holding - Key Facts
Table 72: Aldagi BCI - Key Facts
Table 73: Imedi L Insurance Company - Key Facts
Table 74: Unison Insurance Company Ltd - Key Facts
Table 75: Ardi Insurance Company - Key Facts
Table 76: Georgia - Insurance Regulatory Framework Key Features
Table 77: Georgia - Life Insurance Regulatory Framework
Table 78: Georgia - Property Insurance Regulatory Framework
Table 79: Georgia - Motor Insurance Regulatory Framework
Table 80: Georgia - Liability Insurance Regulatory Framework
Table 81: Georgia - Surcharge for the Financial Year
Table 82: Georgian Life Insurance - Policies and Premium, 2013-
Table 83: Georgian Life Insurance - Policies and Premium, 2017-
Table 84: Georgian Life Insurance - Claims and Expenses, 2013-
Table 85: Georgian Life Insurance - Claims and Expenses, 2017-
Table 86: Georgian General Insurance - Policies and Premium, 2013-
Table 87: Georgian General Insurance - Policies and Premium, 2017-
Table 88: Georgian General Insurance - Claims and Expenses, 2013-
Table 89: Georgian General Insurance - Claims and Expenses, 2017-
Table 90: Georgian General Insurance - Property Insurance, 2013-
Table 91: Georgian General Insurance - Property Insurance, 2017-
Table 92: Georgian General Insurance - Motor Insurance, 2013-
Table 93: Georgian General Insurance - Motor Insurance, 2017-
Table 94: Georgian General Insurance - Motor Insurance by Category, 2013-
Table 95: Georgian General Insurance - Motor Insurance by Category, 2017-
Table 96: Georgian General Insurance - Liability Insurance, 2013-
Table 97: Georgian General Insurance - Liability Insurance, 2017-
Table 98: Georgian General Insurance - Financial Lines Insurance, 2013-
Table 99: Georgian General Insurance - Financial Lines Insurance, 2017-
Table 100: Georgian General Insurance - Marine, Aviation and Transit Insurance, 2013-
Table 101: Georgian General Insurance - Marine, Aviation and Transit Insurance, 2017-
Table 102: Georgian General Insurance - Marine Aviation and Transit Insurance by Category, 2013-
Table 103: Georgian General Insurance - Marine Aviation and Transit Insurance by Category, 2017-
Table 104: Georgian General Insurance - Personal Accident and Health Insurance, 2013-
Table 105: Georgian General Insurance - Personal Accident and Health Insurance, 2017-
Table 106: Georgian General Insurance - Personal Accident and Health Insurance by Category, 2013-
Table 107: Georgian General Insurance - Personal Accident and Health Insurance by Category, 2017-
Table 108: Insurance Industry Definitions
List of Figures
Figure 1: Georgian Real GDP (GEL Million), 2013-
Figure 2: Georgian Exchange Rate (GEL per US$), 2013-
Figure 3: Georgian Consumer Price Inflation (%), 2013-
Figure 4: Georgian Current Account Balance as Percentage of GDP (%), 2013-
Figure 5: Georgian Unemployment Rate, 2013-
Figure 6: Georgian Population by Age Group, 2013-
Figure 7: Georgian Insurance Industry - Gross Written Premium (GEL Million), 2013-
Figure 8: Georgian Insurance Industry - Direct Written Premium (GEL Million), 2013-
Figure 9: Georgian Insurance Industry - Density (GEL), 2013-
Figure 10: Georgian Insurance Industry - Number of Active Policies (Thousand), 2013-
Figure 11: Georgian Insurance Industry - Paid Claims (GEL Million), 2013-
Figure 12: Georgian Life Insurance - Gross Written Premium (GEL Million), 2013-
Figure 13: Georgian Life Insurance - Direct Written Premium (GEL Million), 2013-
Figure 14: Georgian Life Insurance - Number of Active Policies (Thousand), 2013-
Figure 15: Georgian Life Insurance - Paid Claims (GEL Million), 2013-
Figure 16: Georgian Life Insurance - Penetration (%), 2013-
Figure 17: Georgian Life Insurance - Penetration (%), 2017-
Figure 18: Georgian General Insurance - Gross Written Premium (GEL Million), 2013-
Figure 19: Georgian General Insurance - Direct Written Premium (GEL Million), 2013-
Figure 20: Georgian General Insurance - Number of Active Policies (Thousand), 2013-
Figure 21: Georgian General Insurance - Paid Claims (GEL Million), 2013-
Figure 22: Georgian General Insurance - Penetration (%), 2013-
Figure 23: Georgian General Insurance - Penetration (%), 2017-
Figure 24: Georgian Property Insurance - Gross Written Premium (GEL Million), 2013-
Figure 25: Georgian Property Insurance - Number of Active Policies (Thousand), 2013-
Figure 26: Georgian Property Insurance - Penetration (%), 2013-
Figure 27: Georgian Property Insurance - Penetration (%), 2017-
Figure 28: Georgian Property Insurance - Paid Claims (GEL Million), 2013-
Figure 29: Georgian Motor Insurance - Gross Written Premium (GEL Million), 2013-
Figure 30: Georgian Motor Insurance - Number of Active Policies (Thousand), 2013-
Figure 31: Georgian Motor Insurance - Penetration (%), 2013-
Figure 32: Georgian Motor Insurance - Penetration (%), 2017-
Figure 33: Georgian Motor Insurance - Paid Claims (GEL Million), 2013-
Figure 34: Georgian Liability Insurance - Gross Written Premium (GEL Million), 2013-
Figure 35: Georgian Liability Insurance - Number of Active Policies (Thousand), 2013-
Figure 36: Georgian Liability Insurance - Penetration (%), 2013-
Figure 37: Georgian Liability Insurance - Penetration (%), 2017-
Figure 38: Georgian Liability Insurance - Paid Claims (GEL Million), 2013-
Figure 39: Georgian Financial Lines Insurance - Gross Written Premium (GEL Million), 2013-
Figure 40: Georgian Financial Lines Insurance - Number of Active Policies (Thousand), 2013-
Figure 41: Georgian Financial Lines Insurance - Penetration (%), 2013-
Figure 42: Georgian Financial Lines Insurance - Penetration (%), 2017-
Figure 43: Georgian Financial Lines Insurance - Paid Claims (GEL Million), 2013-
Figure 44: Georgian Marine, Aviation and Transit Insurance - Gross Written Premium (GEL Million), 2013-
Figure 45: Georgian Marine, Aviation and Transit Insurance - Number of Active Policies (Thousand), 2013-
Figure 46: Georgian Marine, Aviation and Transit Insurance - Penetration (%), 2013-
Figure 47: Georgian Marine, Aviation and Transit Insurance - Penetration (%), 2017-
Figure 48: Georgian Marine, Aviation and Transit Insurance - Paid Claims (GEL Thousands), 2013-
Figure 49: Georgian Personal Accident and Health Insurance - Gross Written Premium (GEL Million), 2013-
Figure 50: Georgian Personal Accident and Health Insurance - Number of Active Policies (Thousand), 2013-
Figure 51: Georgian Personal Accident and Health Insurance - Penetration (%), 2013-
Figure 52: Georgian Personal Accident and Health Insurance - Penetration (%), 2017-
Figure 53: Georgian Personal Accident and Health Insurance - Paid Claims (GEL Million), 2013-
Figure 54: Georgian Reinsurance - Premium Ceded by Insurance Segment (GEL Million), 2013-
Figure 55: Georgian Life Insurance - Percentage of Reinsurance Ceded (%), 2013-
Figure 56: Georgian General Insurance - Percentage of Reinsurance Ceded (%), 2013-
Figure 57: Georgian Insurance Industry - Shares of the Leading Insurers (%),
Figure 58: Georgian Life Insurance Segment - Share of Leading Insurers (%),
Figure 59: Georgian General Insurance Segment - Share of Leading Insurers (%),
Figure 60: Georgia - Insurance Supervision and Control at Various Levels
Figure 61: Georgia - Insurance Regulatory Frameworks for Company Registration and Operation

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