BAKU, Azerbaijan, June 1
By Tamilla Mammadova - Trend:
Insurance premiums of Georgian insurance sector amounted to 215.1 million lari ($67.7 million), in the first three months of 2020, Trend reports referring to the Insurance Supervision Service.
The Insurance Supervision Service said in its report that during the mentioned period, the insurance profit of insurers amounted to 41.5 million lari ($13.06 million), and net profit stood at 16.6 million lari ($5.2 million), which is two times more than for the same period last year.
The total assets of insurance companies amounted to 942.4 million lari ($296.6 million), and their capital totaled 266.9 million lari ($84.02 million). The net profit of the companies amounted to 8.3 million lari ($2.6 million), in the first three months of 2019, while their assets and capital stood at 766.3 million lari ($241.2 million) and 230.2 million lari ($72.4 million), respectively.
Around 615,966 health insurance policies were in effect in the first three months of 2020.
As for car insurance, 95,144 policies were sold during the reporting period,
According to data for the first three months of 2020, the GPI insurance company leads the market in terms of the amount of insurance premiums attracted (81.88 million lari/$25.7 million), followed by Imedi L (33.13 million lari/$10.4 million) and TBC (21.86 million lari/$6.8 million). Aldagi ranked fourth with 18.94 million lari/$5.9 million, while Ardi insurance company came in fifth with 18.33 million lari/$5.7 million.
GPI suffered the largest loss(14.26 million lari/$4.4 million) during the mentioned period. Imedi L was in the second place in terms of loss (13.07 million lari/$4.1 million), followed by Aldagi, TBC (9.34 million lari/$2.9 million) and Ardi (7.99 million lari/$2.5 million).
TBC was the leader in terms of premiums in the field of insurance of land vehicles, followed by Aldagi with 5.75 million lari ($1.8 million) and GPI with 4.92 million lari ($1.5 million).
Attracted premiums on property insurance amounted to 15.1 million lari ($4.7 million). Aldagi, the leader in this type of insurance, had 4.23 million lari ($1.3 million), followed by TBC with 3.15 million lari ($991,650), and GPI with 2.81 million lari ($884,615).
The premium attracted by life insurance amounted to a total of 15.3 million lari ($4.8 million). TBC was the leader in this type insurance -- the company raised 6.48 million lari ($2.03 million) in the first three months and held 42 percent of the market. Aldagi was in the second position with 3.21 million lari ($1.01 million), followed by Imedi L with 2.84 million lari ($894,059).
The attracted premium in the form of liability insurance amounted to 5.6 million lari ($1.7 million). Aldagi had the largest market share with 1.57 million lari ($494,251) and 28 percent of the total market, followed by TBC insurance with 1.05 million lari ($330,550). GPI Holding ranked thirdwith 1.04 million lari ($327,402).
As many as 18 companies are operating in Georgia's insurance market as of March 31, 2020.
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