1. The Insurance Industry in Georgia, Key Trends and
Opportunities to 2016
Report Details:
Published:December 2012
No. of Pages: 128
Price: Single User License – US$1950
Synopsis
The report provides in depth industry analysis, information and insights into the insurance industry
in Georgia, including:
• The Georgian insurance industry’s growth prospects by insurance segments and sub-segments
• The competitive landscape in the Georgian insurance industry
• The current trends and drivers of the Georgian insurance industry
• The challenges facing the Georgian insurance industry
• The regulatory framework of the Georgian insurance industry
Summary
The Georgian insurance industry underwent multiple changes during the review period. Numerous
reforms have been initiated and implemented by the government, especially in the healthcare
system. This led to an increase in the number of people obtaining medical care and supported the
country’s health insurance business. Despite industry growth, Georgia remains prone to various
challenges, such as a lack of strong professional skill sets and rising levels of dissatisfaction
among the insured population. During the review period, two insurance companies went out of
business on account of rising financial difficulties.
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 2007–2011
review period and forecast figures for the 2012–2016 forecast period
• It offers a detailed analysis of the key segments and sub-segments in the Georgian insurance
industry, along with forecasts until 2016
• It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio,
commissions and expenses, combined ratio, total assets, total investment income and retentions
• It profiles the top insurance companies in Georgia and outlines the key regulations affecting them

2. Reasons To Buy
• Make strategic business decisions using in depth historic and forecast industry data related to
the Georgian insurance industry and each segment within it
• Understand the demand-side dynamics, key trends and growth opportunities within the Georgian
insurance industry
• Assess the competitive dynamics in the Georgian insurance industry
• Identify the growth opportunities and market dynamics within key segments
• Gain insights into key regulations governing the Georgian insurance industry and its impact on
companies and the industry''s future
Key Highlights
• Georgia’s insurance industry is dominated by the personal accident and health segment.
• The Georgian insurance industry underwent multiple changes during the review period.
• Numerous reforms have been initiated and implemented by the government, especially in the
healthcare system.
• This led to an increase in the number of people obtaining medical care and supported the
country’s health insurance business.
• Despite industry growth, Georgia remains prone to various challenges, such as a lack of strong
professional skill sets and rising levels of dissatisfaction among the insured population.
• During the review period, two insurance companies went out of business on account of rising
financial difficulties.
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Major points covered in Table of Contents of this report include
Table of Contents
1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Georgian Insurance Industry Overview
3.1 Insurance Industry Overview
3.2 Georgian Insurance Industry – Market Size, 2007–2016
3.3 Key Industry Trends and Drivers
3.4 Challenges
3.5 Regulation
4 Market Segmentation
4.1 Life Insurance Growth Prospects by Category
4.2 Non-Life Insurance Growth Prospects by Category
4.2.1 Property insurance category
4.2.2 Motor insurance category

3. 4.2.3 Liability insurance category
4.2.4 Marine, aviation and transit insurance category
4.3 Personal Accident and Health Insurance Growth Prospects by Category
4.3.1 Personal accident insurance category
4.3.2 Health insurance category
4.3.3 Travel insurance category
4.4 Reinsurance Market Size by Insurance Segment, 2007–2016
5 Competitive Landscape
5.1 Overview
5.2 Leading Companies
5.2.1 GPI Holding – company overview
5.2.2 Aldagi - BCI Insurance Company – company overview
5.2.3 Alpha Insurance Company Limited (Georgia) – company overview
5.2.4 IC Group Insurance – company overview
5.2.5 Irao Group – company overview
5.2.6 Unison – company overview
5.2.7 Archimedes Global Georgia – company overview
5.2.8 IMEDI L Insurance Co. – company overview
5.2.9 Cartu Insurance Company Ltd – company overview
5.2.10 Taoinsurance – company overview
6 Macroeconomic Indicators
6.1 GDP at Constant Prices (US dollar)
6.2 GDP Per Capita at Constant Prices (US dollar)
6.3 GDP at Current Prices (US dollar)
6.4 Construction Output at Current Prices (US$ Billion)
6.5 Construction Net Output at Current Prices as a Percentage of GDP
6.6 Arable Land
6.7 Exports as a Percentage of GDP
6.8 Number of Air Passengers
6.9 Healthcare Expenditure Per Capita
6.1 Employed Population
6.11 Annual Disposable Income
6.12 Annual Disposable Income Per Capita
6.13 Total Population
7 Appendix
7.1 Methodology
7.1 Contact Us
7.2 About Timetric
7.3 Disclaimer
List of Tables
Table 1: Insurance Industry Definitions

4. Table 2: Georgian Insurance Overall Written Premium by Segment (GEO Billion), 2007–2011
Table 3: Georgian Insurance Overall Written Premium by Segment (US$ Billion), 2007–2011
Table 4: Georgian Insurance Overall Written Premium by Segment (GEO Billion), 2011–2016
Table 5: Georgian Insurance Overall Written Premium by Segment (US$ Billion), 2011–2016
Table 6: Georgian Insurance Segmentation (Percentage Share), 2007–2016
Table 7: Georgian Life Insurance – Paid Claims (GEO Billion), 2007–2011
Table 8: Georgian Life Insurance – Paid Claims (GEO Billion), 2011–2016
Table 9: Georgian Life Insurance – Incurred Loss (GEO Billion), 2007–2011
Table 10: Georgian Life Insurance – Incurred Loss (GEO Billion), 2011–2016
Table 11: Georgian Life Insurance – Loss Ratio (%), 2007–2011
Table 12: Georgian Life Insurance – Loss Ratio (%), 2011–2016
Table 13: Georgian Life Insurance – Combined Ratio (%), 2007–2011
Table 14: Georgian Life Insurance – Combined Ratio (%), 2011–2016
Table 15: Georgian Life Insurance – Total Assets (GEO Billion), 2007–2011
Table 16: Georgian Life Insurance – Total Assets (GEO Billion), 2011–2016
Table 17: Georgian Life Insurance – Total Investment Income (GEO Billion), 2007–2011
Table 18: Georgian Life Insurance – Total Investment Income (GEO Billion), 2011–2016
Table 19: Georgian Life Insurance – Retentions (GEO Billion), 2007–2011
Table 20: Georgian Life Insurance – Retentions (GEO Billion), 2011–2016
Table 21: Georgian Non-Life Insurance Written Premium by Category (GEO Billion), 2007–2011
Table 22: Georgian Non-Life Insurance Written Premium by Category (US$ Billion), 2007–2011
Table 23: Georgian Non-Life Insurance Written Premium by Category (GEO Billion), 2011–2016
Table 24: Georgian Non-Life Insurance Written Premium by Category (US$ Billion), 2011–2016
Table 25: Georgian Non-Life Insurance Market – Paid Claim (GEO Billion), 2007–2011
Table 26: Georgian Non-Life Insurance Market – Paid Claim (GEO Billion), 2011–2016
Table 27: Georgian Non-Life Insurance Market – Loss Ratio (%), 2007–2011
Table 28: Georgian Non-Life Insurance Market – Loss Ratio (%), 2011–2016
Table 29: Georgian Non-Life Insurance – Incurred Loss (GEO Billion), 2007–2011
Table 30: Georgian Non-Life Insurance – Incurred Loss (GEO Billion), 2011–2016
Table 31: Georgian Non-Life Insurance – Combined Ratio (%), 2007–2011
Table 32: Georgian Non-Life Insurance – Combined Ratio (%), 2011–2016
Table 33: Georgian Non-life Insurance – Total Assets (GEO Billion), 2007–2011
Table 34: Georgian Non-life Insurance – Total Assets (GEO Billion), 2011–2016
Table 35: Georgian Non-life Insurance – Total Investment Income (GEO Billion), 2007–2011
Table 36: Georgian Non-life Insurance – Total Investment Income (GEO Billion), 2011–2016
Table 37: Georgian Non-life Insurance – Retentions (GEO Billion), 2007–2011
Table 38: Georgian Non-life Insurance – Retentions (GEO Billion), 2011–2016
Table 39: Georgian Property Insurance Category – Written Premium (GEO Billion), 2007–2011
Table 40: Georgian Property Insurance Category – Written Premium (GEO Billion), 2011–2016
Table 41: Georgian Motor Insurance Category – Written Premium (GEO Billion), 2007–2011
Table 42: Georgian Motor Insurance Category – Written Premium (GEO Billion), 2011–2016
Table 43: Georgian Liability Insurance Category – Written Premium (GEO Billion), 2007–2011

5. Table 44: Georgian Liability Insurance Category – Written Premium (GEO Billion), 2011–2016
Table 45: Georgian Marine, Aviation and Transit Insurance Category – Written Premium (GEO
Billion), 2007–2011
Table 46: Georgian Marine, Aviation and Transit Insurance Category – Written Premium (GEO
Billion), 2011–2016
Table 47: Georgian Insurance Written Premium by Category (GEO Billion), 2007–2011
Table 48: Georgian Personal Accident and Health Insurance Written Premium by Category (US$
Billion), 2007–2011
Table 49: Georgian Personal Accident and Health Insurance Written Premium by Category (GEO
Billion), 2011–2016
Table 50: Georgian Personal Accident and Health Insurance Written Premium by Category (US$
Billion), 2011–2016
Table 51: Georgian Personal Accident and Health Insurance Market – Paid Claim (GEO Billion),
2007–2011
Table 52: Georgian Personal Accident and Health Insurance Market – Paid Claim (GEO Billion),
2011–2016
Table 53: Georgian Personal Accident and Health Insurance Market –Loss Ratio (%), 2007–2011
Table 54: Georgian Personal Accident and Health Insurance Market – Loss Ratio (%), 2011–2016
Table 55: Georgian Personal Accident and Health Insurance – Incurred Loss (GEO Billion),
2007–2011
Table 56: Georgian Personal Accident and Health Insurance – Incurred Loss (GEO Billion),
2011–2016
Table 57: Georgian Personal Accident and Health Insurance – Combined Ratio (%), 2007–2011
Table 58: Georgian Personal Accident and Health Insurance – Combined Ratio (%), 2011–2016
Table 59: Georgian Personal Accident and Health Insurance – Total Assets (GEO Billion),
2007–2011
Table 60: Georgian Personal Accident and Health Insurance – Total Assets (GEO Billion),
2011–2016
Table 61: Georgian Personal Accident and Health Insurance – Total Investment Income (GEO
Billion), 2007–2011
Table 62: Georgian Personal Accident and Health Insurance – Total Investment Income (GEO
Billion), 2011–2016
Table 63: Georgian Personal Accident and Health Insurance – Retentions (GEO Billion),
2007–2011
Table 64: Georgian Personal Accident and Health Insurance – Retentions (GEO Billion),
2011–2016
Table 65: Georgian Personal Accident Insurance Category – Written Premium (GEO Billion),
2007–2011
Table 66: Georgian Personal Accident Insurance Category – Written Premium (GEO Billion),
2011–2016
Table 67: Georgian Health Insurance Category – Written Premium (GEO Billion), 2007–2011
Table 68: Georgian Health Insurance Category – Written Premium (GEO Billion), 2011–2016

6. Table 69: Georgian Travel Insurance Category – Written Premium (GEO Billion), 2007–2011
Table 70: Georgian Travel Insurance Category – Written Premium (GEO Billion), 2011–2016
Table 71: Georgian Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Table 72: Georgian Life Insurance – Percentage of Reinsurance Ceded (%),2011–2016
Table 73: Georgian Non-life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Table 74: Georgian Non-life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Table 75: Georgian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded
(%), 2007–2011
Table 76: Georgian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded
(%), 2011–2016
Table 77: Georgian Insurance Market Share, 2011
Table 78: GPI Holding, Main Products
Table 79: GPI Holding, Key Employees
Table 80: Aldagi - BCI Insurance Company, Main Products
Table 81: Aldagi - BCI Insurance Company, Key Employees
Table 82: Alpha Insurance Company Limited (Georgia), Main Products
Table 83: IC Group Insurance, Main Products
Table 84: IC Group Insurance, Key Employees
Table 85: Irao Group, Main Products
Table 86: Irao Group, Key Employees
Table 87: Unison, Main Products
Table 88: Unison, Key Employees
Table 89: Archimedes Global Georgia , Main Products
Table 90: Archimedes Global Georgia , Key Employees
Table 91: IMEDI L Insurance Co. , Main Products
Table 92: IMEDI L Insurance Co. , Key Employees
Table 93: Cartu Insurance Company Ltd, Main Products
Table 94: Cartu Insurance Company Ltd, Key Employees
Table 95: Taoinsurance , Main Products
List of Figures
Figure 1: Georgian Insurance Overall Written Premium by Segment (GEO Billion), 2007–2016
Figure 2: Georgian Insurance Market Dynamics by Segment, 2007–2016
Figure 3: Georgian Life Insurance – Paid Claims (GEO Billion), 2007–2011
Figure 4: Georgian Life Insurance – Paid Claims (GEO Billion), 2011–2016
Figure 5: Georgian Life Insurance – Incurred Loss (GEO Billion), 2007–2011
Figure 6: Georgian Life Insurance – Incurred Loss (GEO Billion), 2011–2016
Figure 7: Georgian Life Insurance – Loss Ratio (%), 2007–2011
Figure 8: Georgian Life Insurance – Loss Ratio (%), 2011–2016
Figure 9: Georgian Life Insurance – Combined Ratio (%), 2007–2011
Figure 10: Georgian Life Insurance – Combined Ratio (%), 2011–2016
Figure 11: Georgian Life Insurance – Total Assets (GEO Billion), 2007–2011

7. Figure 12: Georgian Life Insurance – Total Assets (GEO Billion), 2011–2016
Figure 13: Georgian Life Insurance – Total Investment Income (GEO Billion), 2007–2011
Figure 14: Georgian Life Insurance – Total Investment Income (GEO Billion), 2011–2016
Figure 15: Georgian Life Insurance – Retentions (GEO Billion), 2007–2011
Figure 16: Georgian Life Insurance – Retentions (GEO Billion), 2011–2016
Figure 17: Georgian Life Insurance – Investment (GEO Billion), 2007–2011
Figure 18: Georgian Life Insurance Penetration (Percentage of GDP), 2007–2011
Figure 19: Georgian Life Insurance – Premium Per-capita (GEO), 2007–2011
Figure 20: Georgian Non-Life Insurance Written Premium by Category (GEO Billion), 2007–2016
Figure 21: Georgian Non-Life Insurance Written Premium by Category (% Share), 2011 and 2016
Figure 22: Georgian Non-Life Insurance Market Dynamics by Category, 2007–2016
Figure 23: Georgian Non-Life Insurance – Paid Claims by Category (GEO Billion), 2007–2011
Figure 24: Georgian Non-Life Insurance – Paid Claims (GEO Billion), 2011–2016
Figure 25: Georgian Non-Life Insurance – Loss Ratio (%), 2007–2011
Figure 26: Georgian Non-Life Insurance – Loss Ratio (%), 2011–2016
Figure 27: Georgian Non-Life Insurance – Incurred Loss (GEO Billion), 2007–2011
Figure 28: Georgian Non-Life Insurance – Incurred Loss (GEO Billion), 2011–2016
Figure 29: Georgian Non-Life Insurance – Combined Ratio (%), 2007–2011
Figure 30: Georgian Non-Life Insurance – Combined Ratio (%), 2011–2016
Figure 31: Georgian Non-life Insurance – Total Assets (GEO Billion), 2007–2011
Figure 32: Georgian Non-life Insurance – Total Assets (GEO Billion), 2011–2016
Figure 33: Georgian Non-life Insurance – Total Investment Income (GEO Billion), 2007–2011
Figure 34: Georgian Non-life Insurance – Total Investment Income (GEO Billion), 2011–2016
Figure 35: Georgian Non-life Insurance – Retentions (GEO Billion), 2007–2011
Figure 36: Georgian Non-life Insurance – Retentions (US$ Billion), 2011–2016
Figure 37: Georgian Non-life Insurance – Investment (GEO Billion), 2007–2011
Figure 38: Georgian Non-life Insurance Penetration (Percentage of GDP), 2007–2011
Figure 39: Georgian Non-life Insurance – Premium Per Capita (GEO), 2007–2011
Figure 40: Georgian Property Insurance Category – Written Premium (GEO Billion), 2007–2011
Figure 41: Georgian Property Insurance Category – Written Premium (GEO Billion), 2011–2016
Figure 42: Georgian Motor Insurance Category – Written Premium (GEO Billion), 2007–2011
Figure 43: Georgian Motor Insurance Category – Written Premium (GEO Billion), 2011–2016
Figure 44: Georgian Liability Insurance Category – Written Premium (GEO Billion), 2007–2011
Figure 45: Georgian Liability Insurance Category – Written Premium (GEO Billion), 2011–2016
Figure 46: Georgian Marine, Aviation and Transit Insurance Category – Written Premium (GEO
Billion), 2007–2011
Figure 47: Georgian Marine, Aviation and Transit Insurance Category – Written Premium (GEO
Billion), 2011–2016
Figure 48: Georgian Personal Accident and Health Insurance Written Premium by Category (GEO
Billion), 2007–2016
Figure 49: Georgian Personal Accident and Health Insurance Written Premium by Category (%
Share), 2011 and 2016

8. Figure 50: Georgian Personal Accident and Health Insurance Market Dynamics by Category,
2007–2016
Figure 51: Georgian Personal Accident and Health Insurance – Paid Claims by Category (GEO
Billion), 2007–2011
Figure 52: Georgian Personal Accident and Health Insurance – Paid Claims (GEO Billion),
2011–2016
Figure 53: Georgian Personal Accident and Health Insurance – Loss Ratio (%), 2007–2011
Figure 54: Georgian Personal Accident and Health Insurance – Loss Ratio (%), 2011–2016
Figure 55: Georgian Personal Accident and Health Insurance – Incurred Loss (GEO Billion),
2007–2011
Figure 56: Georgian Personal Accident and Health Insurance – Incurred Loss (GEO Billion),
2011–2016
Figure 57: Georgian Personal Accident and Health Insurance – Combined Ratio (%), 2007–2011
Figure 58: Georgian Personal Accident and Health Insurance – Combined Ratio (%), 2011–2016
Figure 59: Georgian Personal Accident and Health Insurance – Total Assets (GEO Billion),
2007–2011
Figure 60: Georgian Personal Accident and Health Insurance – Total Assets (GEO Billion),
2011–2016
Figure 61: Georgian Personal Accident and Health Insurance – Total Investment Income (GEO
Billion), 2007–2011
Figure 62: Georgian Personal Accident and Health Insurance – Total Investment Income (GEO
Billion), 2011–2016
Figure 63: Georgian Personal Accident and Health Insurance – Retentions (GEO Billion),
2007–2011
Figure 64: Georgian Personal Accident and Health Insurance – Retentions (US$ Billion),
2011–2016
Figure 65: Georgian Personal Accident and Health Insurance – Investment (GEO Billion),
2007–2011
Figure 66: Georgian Personal Accident and Health Insurance Penetration (Percentage of GDP),
2007–2011
Figure 67: Georgian Personal Accident and Health Insurance – Premium Per Capita (GEO),
2007–2011
Figure 68: Georgian Personal Accident Insurance Category – Written Premium (GEO Billion),
2007–2011
Figure 69: Georgian Personal Accident Insurance Category – Written Premium (GEO Billion),
2011–2016
Figure 70: Georgian Health Insurance Category – Written Premium (GEO Billion), 2007–2011
Figure 71: Georgian Health Insurance Category – Written Premium (GEO Billion), 2011–2016
Figure 72: Georgian Travel Insurance Category – Written Premium (GEO Billion), 2007–2011
Figure 73: Georgian Travel Insurance Category – Written Premium (GEO Billion), 2011–2016
Figure 74: Georgian Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Figure 75: Georgian Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016

9. Figure 76: Georgian Non-life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Figure 77: Georgian Non-life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Figure 78: Georgian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded
(%), 2007–2011
Figure 79: Georgian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded
(%), 2011–2016
Figure 80: Georgian Insurance Market – Market Share 2011
Figure 81: Georgian GDP at Constant Prices (US$ Billion), 2007–2011
Figure 82: Georgian GDP Per Capita at Constant Prices (US$), 2007–2011
Figure 83: Georgian GDP at Current Prices (US$ Billion), 2007–2011
Figure 84: Georgian Construction Net Output at Current Prices (US$ Billion), 2007–2011
Figure 85: Georgian Construction Output at Current Prices as a Percentage of GDP (%),
2007–2011
Figure 86: Georgian Arable Land (Hectares), 2007–2011
Figure 87: Georgian Exports as a Percentage of GDP (%), 2007–2011
Figure 88: Georgian Number of Air Passengers (Million), 2007–2011
Figure 89: Georgian Healthcare Expenditure Per Capita (US$), 2007–2011
Figure 90: Georgian Employed Population (%), 2007–2011
Figure 91: Georgian Annual Disposable Income (US$ Billion), 2007–2011
Figure 92: Georgian Annual Disposable Income Per Capita (US$), 2007–2011
Figure 93: Georgian Total Population (Million), 2007–2011
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