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

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

Synopsis

Timetric’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 Timetric’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.

Summary

Timetric’s 'The Insurance Industry in Georgia, Key Trends and Opportunities to 2021' 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 Georgian economy and demographics
  • The detailed competitive landscape in the Georgian insurance industry
  • The various distribution channels in the Georgian insurance industry
  • Detailed regulatory policies of the Georgian insurance industry
  • Analysis of natural hazards in 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 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.
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.
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.


  • Key Facts and Highlights
    • Table Georgian Insurance Industry – Key Facts, 2016
    • Table Georgian Insurance Industry – Leading Insurers, 2016
  • Executive Summary
  • Economy and Demographics
    • Table Georgian Government Credit Ratings
  • Industry Outlook
    • Regional Comparison
    • Industry Indicators
      • Gross written premium
        • Table Georgian Insurance Industry – Gross Written Premium by Segment (GEL Million), 2012–2016
        • Table Georgian Insurance Industry – Gross Written Premium by Segment (GEL Million), 2016–2021
        • Table Georgian Insurance Industry – Density (Direct Written Premium Per Capita) by Segment (GEL), 2012–2016
        • Table Georgian Insurance Industry – Density (Direct Written Premium Per Capita) by Segment (GEL), 2016–2021
      • Policies sold
        • Table Georgian Insurance Industry – Number of Policies Sold by Segment (Thousand), 2012–2016
        • Table Georgian Insurance Industry – Number of Policies Sold by Segment (Thousand), 2016–2021
      • Claims
        • Table Georgian Insurance Industry – Paid Claims by Segment (GEL Million), 2012–2016
        • Table Georgian Insurance Industry – Paid Claims by Segment (GEL Million), 2016–2021
      • Assets
        • Table Georgian Insurance Industry – Total Assets by Segment (GEL Million), 2012–2016
        • Table Georgian Insurance Industry – Total Assets by Segment (GEL Million), 2016–2021
  • Life Insurance Outlook
    • Table Georgian Life Insurance – Gross Written Premium (GEL Million and US$ Million), 2012–2016
    • Table Georgian Life Insurance – Gross Written Premium (GEL Million and US$ Million), 2016–2021
  • Non-Life Insurance Outlook
    • Table Georgian Non-life Insurance – Gross Written Premium (GEL Million and US$ Million), 2012–2016
    • Table Georgian Non-life Insurance – Gross Written Premium (GEL Million and US$ Million), 2016–2021
    • Property Insurance
      • Gross written premium
        • Table Georgian Property Insurance – Gross Written Premium (GEL Million and US$ Million), 2012–2016
        • Table Georgian Property Insurance – Gross Written Premium (GEL Million and US$ Million), 2016–2021
      • Policies sold
        • Table Georgian Property Insurance – Number of Policies sold (Thousand), 2012–2016
        • Table Georgian Property Insurance – Number of Policies sold (Thousand), 2016–2021
      • Penetration
      • Claims
        • Table Georgian Property Insurance – Paid Claims (GEL Million and US$ Million), 2012– 2016
        • Table Georgian Property Insurance – Paid Claims (GEL Million and US$ Million), 2016– 2021
    • Motor Insurance
      • Gross written premium
        • Table Georgian Motor Insurance – Gross Written Premium (GEL Million and US$ Million), 2012–2016
        • Table Georgian Motor Insurance – Gross Written Premium (GEL Million and US$ Million), 2016–2021
      • Policies sold
        • Table Georgian Motor Insurance – Number of Policies sold (Thousand), 2012–2016
        • Table Georgian Motor Insurance – Number of Policies sold (Thousand), 2016–2021
      • Penetration
      • Claims
        • Table Georgian Motor Insurance – Paid Claims (GEL Million and US$ Million), 2012–2016
        • Table Georgian Motor Insurance – Paid Claims (GEL Million and US$ Million), 2016–2021
    • Liability Insurance
      • Gross written premium
        • Table Georgian Liability Insurance – Gross Written Premium (GEL Million and US$ Million), 2012–2016
        • Table Georgian Liability Insurance – Gross Written Premium (GEL Million and US$ Million), 2016–2021
      • Policies sold
        • Table Georgian Liability Insurance – Number of Policies sold (Thousand), 2012–2016
        • Table Georgian Liability Insurance – Number of Policies sold (Thousand), 2016–2021
      • Penetration
      • Claims
        • Table Georgian Liability Insurance – Paid Claims (GEL Thousands and US$ Thousands), 2012–2016
        • Table Georgian Liability Insurance – Paid Claims (GEL Thousands and US$ Thousands), 2016–2021
    • Marine, Aviation and Transit Insurance
      • Gross written premium
        • Table Georgian Marine, Aviation and Transit Insurance – Gross Written Premium (GEL Million and US$ Million), 2012–2016
        • Table Georgian Marine, Aviation and Transit Insurance – Gross Written Premium (GEL Million and US$ Million), 2016–2021
      • Policies sold
        • Table Georgian Marine, Aviation and Transit Insurance – Number of Policies sold (Thousand), 2012–2016
        • Table Georgian Marine, Aviation and Transit Insurance – Number of Policies sold (Thousand), 2016–2021
      • Penetration
      • Claims
        • Table Georgian Marine, Aviation and Transit Insurance – Paid Claims (GEL Million and US$ Million), 2012–2016
        • Table Georgian Marine, Aviation and Transit Insurance – Paid Claims (GEL Million and US$ Million), 2016–2021
  • Personal Accident and Health Insurance Outlook
    • Table Georgian Personal Accident and Health Insurance – Gross Written Premium (GEL Million and US$ Million), 2012–2016
    • Table Georgian Personal Accident and Health Insurance – Gross Written Premium (GEL Million and US$ Million), 2016–2021
    • Personal Accident Insurance
      • Gross written premium
        • Table Georgian Personal Accident Insurance – Gross Written Premium (GEL Million and US$ Million), 2012–2016
        • Table Georgian Personal Accident Insurance – Gross Written Premium (GEL Million and US$ Million), 2016–2021
      • Policies sold
        • Table Georgian Personal Accident Insurance – Number of Policies sold (Thousand), 2012– 2016
        • Table Georgian Personal Accident Insurance – Number of Policies sold (Thousand), 2016– 2021
      • Penetration
      • Claims
        • Table Georgian Personal Accident Insurance – Paid Claims (GEL Thousand and US$ Thousand), 2012–2016
        • Table Georgian Personal Accident Insurance – Paid Claims (GEL Thousand and US$ Thousand), 2016–2021
    • Health Insurance
      • Gross written premium
        • Table Georgian Health Insurance – Gross Written Premium (GEL Million and US$ Million), 2012–2016
        • Table Georgian Health Insurance – Gross Written Premium (GEL Million and US$ Million), 2016–2021
      • Policies sold
        • Table Georgian Health Insurance – Number of Policies sold (Thousand), 2012–2016
        • Table Georgian Health Insurance – Number of Policies sold (Thousand), 2016–2021
      • Penetration
      • Claims
        • Table Georgian Health Insurance – Paid Claims (GEL Million and US$ Million), 2012–2016
        • Table Georgian Health Insurance – Paid Claims (GEL Million and US$ Million), 2016–2021
    • Travel Insurance
      • Gross written premium
        • Table Georgian Travel Insurance – Gross Written Premium (GEL Million and US$ Million), 2012–2016
        • Table Georgian Travel Insurance – Gross Written Premium (GEL Million and US$ Million), 2016–2021
      • Policies sold
        • Table Georgian Travel Insurance – Number of Policies sold (Thousand), 2012–2016
        • Table Georgian Travel Insurance – Number of Policies sold (Thousand), 2016–2021
      • Penetration
      • Claims
        • Table Georgian Travel Insurance – Paid Claims (GEL Thousand and US$ Thousand), 2012– 2016
        • Table Georgian Travel Insurance – Paid Claims (GEL Thousand and US$ Thousand), 2016– 2021
  • Reinsurance Outlook
    • Premium Ceded
      • Table Georgian Reinsurance – Premium Ceded by Insurance Segment (GEL Million), 2012– 2016
      • Table Georgian Reinsurance – Premium Ceded by Insurance Segment (GEL Million), 2016– 2021
  • Distribution Channel Outlook
  • Natural and Man-Made Hazards
    • Table Georgian Average Annual Loss by Natural Hazards (US$ Million), 1990–2014
    • Flooding
    • Earthquakes
    • Exposure
  • Competitive Landscape
    • Table Georgian Life Segment – Market Shares of Leading Insurers (%), 2016
    • Table Georgian Non-Life Segment – Market Shares of Leading Insurers (%), 2016
    • Table Georgian Personal Accident and Health Segment – Market Shares of Leading Insurers (%), 2016
    • Company Profiles
      • Georgian Pension and Insurance Holding – company overview
        • Table Georgian Pension and Insurance Holding – Key Facts
      • Aldagi BCI – company overview
        • Table Aldagi BCI – Key Facts
      • Imedi L Insurance Company – company overview
        • Table Imedi L Insurance Company – Key Facts
      • Unison Insurance Company Ltd – company overview
        • Table Unison Insurance Company Ltd – Key Facts
      • International Insurance Company (IRAO) –company overview
        • Table International Insurance Company IRAO – Key Facts
  • Governance, Risk and Compliance
    • Table Georgia – Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulation
    • Legislation and Market Practice by Type of Insurance
      • Life Insurance
        • Table Georgia – Life Insurance Regulatory Framework
      • Property Insurance
        • Table Georgia – Property Insurance Regulatory Framework
      • Motor Insurance
        • Table Georgia – Motor Insurance Regulatory Framework
      • Liability insurance
        • Table Georgia – Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Liability insurance for ships with respect to oil pollution
      • Aviation liability insurance
    • Supervision and Control
      • International Association of Insurance Supervisors
      • The Insurance State Supervision Service of Georgia
      • Georgian Insurance Association
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and Penalties
    • Company Registration and Operations
      • Type of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margin
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table Georgia – Surcharge for the Financial Year 2016
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution (ADR)
  • Databook
    • Life Insurance
      • Policies and premium
        • Table Georgian Life Insurance – Policies and Premium, 2012–2016
        • Table Georgian Life Insurance – Policies and Premium, 2016–2021
      • Claims and expenses
        • Table Georgian Life Insurance – Claims, 2012–2016
        • Table Georgian Life Insurance – Claims, 2016–2021
      • Assets and investments
        • Table Georgian Life Insurance – Assets, 2012–2016
        • Table Georgian Life Insurance – Assets, 2016–2021
    • Non-Life Insurance
      • Policies and premium
        • Table Georgian Non-Life Insurance – Policies and Premium, 2012–2016
        • Table Georgian Non-Life Insurance – Policies and Premium, 2016–2021
      • Claims and expenses
        • Table Georgian Non-Life Insurance – Claims and Expenses, 2012–2016
        • Table Georgian Non-Life Insurance – Claims and Expenses, 2016–2021
      • Assets and investments
        • Table Georgian Non-Life Insurance – Assets and Investments, 2012–2016
        • Table Georgian Non-Life Insurance – Assets and Investments, 2016–2021
      • Property insurance
        • Table Georgian Non-Life Insurance – Property Insurance, 2012–2016
        • Table Georgian Non-Life Insurance – Property Insurance, 2016–2021
      • Motor insurance
        • Table Georgian Non-Life Insurance – Motor Insurance, 2012–2016
        • Table Georgian Non-Life Insurance – Motor Insurance, 2016–2021
      • Motor insurance by category
        • Table Georgian Non-Life Insurance – Motor Insurance by Category, 2012–2016
        • Table Georgian Non-Life Insurance – Motor Insurance by Category, 2016–2021
      • Liability insurance
        • Table Georgian Non-Life Insurance – Liability Insurance, 2012–2016
        • Table Georgian Non-Life Insurance – Liability Insurance, 2016–2021
      • Marine, aviation and transit insurance
        • Table Georgian Non-Life Insurance – Marine, Aviation and Transit Insurance, 2012–2016
        • Table Georgian Non-Life Insurance – Marine, Aviation and Transit Insurance, 2016–2021
    • Personal Accident and Health Insurance
      • Policies and premium
        • Table Georgian Personal Accident and Health Insurance – Policies and Premium, 2012– 2016
        • Table Georgian Personal Accident and Health Insurance – Policies and Premium, 2016– 2021
      • Claims and expenses
        • Table Georgian Personal Accident and Health Insurance – Claims and Expenses, 2012– 2016
        • Table Georgian Personal Accident and Health Insurance – Claims and Expenses, 2016– 2021
      • Assets and investments
        • Table Georgian Personal Accident and Health Insurance – Assets and Investments, 2012–2016
        • Table Georgian Personal Accident and Health Insurance – Assets and Investments, 2016–2021
      • Personal accident insurance
        • Table Georgian Personal Accident and Health Insurance – Personal Accident Insurance, 2012–2016
        • Table Georgian Personal Accident and Health Insurance – Personal Accident Insurance, 2016–2021
      • Health insurance
        • Table Georgian Personal Accident and Health Insurance – Health Insurance, 2012–2016
        • Table Georgian Personal Accident and Health Insurance – Health Insurance, 2016–2021
      • Travel insurance
        • Table Georgian Personal Accident and Health Insurance – Travel Insurance, 2012–2016
        • Table Georgian Personal Accident and Health Insurance – Travel Insurance, 2016–2021
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • About Timetric
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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