BAKU, Azerbaijan, September 16
By Tamilla Mammadova – Trend:
The number of active insurers on the Georgia market is 18 as of September 2021, the same number of insurers was in the same period of the year 2020, State Insurance Supervision Service of Georgia told Trend.
"Health insurance holds the largest portion (40 percent) of the insurance market in Georgia. Gross written premium in 2020 for Healthcare insurance amounted to 267.6 million lari ($86.2 million). Gross Incurred claims amounted 196.6 million lari ($63.3 million)," said the source.
According to the Insurance Supervision Service, the largest insurer on the market in terms of Gross Earned Premium is JSC GPI Holding with GEP amounting to 119.19 million lari ($38.4 million) in 2020.
"In 2020 insurance marked had a bit of slow down due to COVID-19 pandemics. Some lines of business, such as travel, border TPL, and motor casco insurance dropped significantly, especially in the first half of the year. But the market remained profitable, mainly due to decrease in health insurance loss ratio resulting from lack of mobility of insured persons and also due to the revaluation of financial assets held in foreign currencies," said the source.
From this year insurance activities gradually move to normal pre-pandemic conditions, but still, some lines are not as active as they used to, added the source.
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