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Georgian Insurance Market and State Regulation (2005)

Insurance Statistics

General Financial Data of The Activity of Georgian Insurance Companies in 2005

(GEL)
N Insurance Companies Gross Premium Income Growth Rate Total Claims Paid Growth Rate
    2005 2004   2005 2004  
1 Aldagi * 16585701 10480495 0.58 5129900 2869965 0,78
2 Imedi L International 9873723 9227588 0.07 1046975 1190073 -0.12
3 BCI 8950450 6094820 0.46 1637584 1270843 0.28
4 Pension and Insurance Holding 8627730 6230718 0.38 2587601 942587 1.74
5 Insurance Company Cartu 4498915 4685886 -0.03 4085751 4371684 -0.06
6 Irao 4078447 554955 6.34 221000 19583 10.28
7 Europace 3371501 1778250 0.89 679294 538395 0.26
8 National Bank (Pension Scheme) 2110521 610706 2.45 117737 106933 0.10
9 Geopolicy 1152019 867035 0.32 116110 318309 -0.63
10 AIG Europe Georgia 698719 0 1.00 0 0 0.00
11 Insurance group Temsa 345830 698719 -0.50 61680 68958 -0.10
12 West 338556 124650 1.71 42200 250 167.8
13 Olimpi 324544 229876 0.41 67903 58388 0.16
14 Georgian Insurance Company 311120 0 1.00 119022 0 0,00
15 PIC 214957 830490 -0.74 39121 10310 2.79
16 Ankora 88744 82014 0.08 0 0 0,00
  Total 61577524 45106267   15951878 12630887  
  Average     0.36     0.26

* As insurance companies Aldagi JSC and Selbi JSC merged, the results of insurance company Selbi within 9 months of the year 2005 are included in the data of the activities of Aldagi in 2005.

General Financial Data of Georgian Insurance Market in 2005 by Classes of Insurance

(In thousand GEL)
N Classes of Insurance Gross Premium Income Growth Rate Total Claims Paid Growth Rate
    2005 2004   2005 2004  
1 Property 15920.0 12198.9 0.30 1176.9 1080.1 0.08
2 Medical Insurance 12042.8 8709.7 0.38 7540.8 6652.8 0.13
3 Land Vehicles 8398.0 6060.3 0.38 3917.8 2880.7 0.36
4 Civil Liability 4718.7 3071.7 0.53 1772.5 77.4 21.9
5 Pension Insurance 2960.9 1010.2 1.93 117.7 106.9 0.66
6 Obligatory Fire 2772.9 3653.2 -0.24 204.6 212.9 -0.03
7 Aviation 2519.0 1115.4 1.25 39.5 59.5 -0.336
8 Financial Risks 2446.7 939.6 1.60 0 27.8 -1.00
9 Voluntary MTPL 2151.7 1382.4 0.55 112.6 152.9 -0.19
10 Accidents and Sickness 2115.7 1589.9 0.33 589.1 183.8 2.20
11 Cargo 1922.4 1443.0 0.33 56.5 210.4 -0.73
12 Carriers Liability 1626.4 1237.3 0.31 180.4 199.1 -0.09
13 Professional Liability 806.4 444.7 0.81 27.9 0 0.00
14 Life 600.2 301.1 0.99 146.1 266.3 -0.72
15 Compulsory MTPL 283.3 1639.1 -0.82 69.3 462.8 -0.85
16 Vessels 245.9 309.7 -0.20 0 57.5 -1.00
17 Liability on un-fulfillment of obligations 49.1 0 1.00 0 0 0.00
  Total 61577.5 45106.2   15951.8 12630.8  
  Average     0.36     0.26

Reinsurance Operations of Insurance Companies in 2005

(GEL)
N Insurance Companies Reinsurance Share in Insurance Portfolio Share of Reinsurer in Claims Paid
    GEL % GEL %
1 Aldagi 10026264 60 3368909 65
2 Irao 2097185 51 39525 17
3 Imedi L International 6266318 63 74374 7
4 Pension and Insurance Holding 3301223 38 511056 19
5 BCI 3194772 35 1019118 62
6 Europace 1682774 49 256932 37
7 Geopolicy 538257 46 0 0
8 AIG Europe Georgia 528010 74 0 0
9 Insurance Company Cartu 178844 3 0 0
10 Insurance group Temsa 162229 46 0 0
11 PIC 15149 7 0 0
12 Ankora 0 0 0 0
13 Georgian Insurance Company 0 0 0 0
14 Olimpi 0 0 0 0
15 West 0 0 0 0
16 National Bank (Pension Scheme) 0 0 0 0
  Total 27991025   5269914  
  Average   45   33

Market Share of Georgian Insurance Companies in 2005

(GEL)
N Insurance Companies Gross Premium Income Market Share (premium income/total premium) %
1 Aldagi 16585701 26.9
2 Imedi L International 9873723 16.0
3 BCI 8950450 14.5
4 Pension and Insurance Holding 8627730 14.0
5 Insurance Company Cart 4498915 7.3
6 Irao 4078447 6.6
7 Europace 3371501 5.4
8 National Bank (Pension Scheme) 2110521 3.4
9 Geopolicy 1152019 1.8
10 AIG Europe Georgia 704766 1.1
11 Insurance group Temsa 345830 0.5
12 West 338556 0.5
13 Olimpi 324544 0.5
14 Georgian Insurance Company 311120 0.5
15 PIC 214957 0.3
16 Ankora 88744 0.1
  Total 61577524 100,0

Market Share by Classes of Insurance in 2005

(In thousand GEL)
N Classes of Insurance Gross Premium Income Market Share (Premium income by class/Total premium) %
1 Property 15920.0 25.8
2 Medical Insurance 12042.8 19.5
3 Land Vehicles 8398.0 13.6
4 Civil Liability 4718.7 7.6
5 Pension 2960.9 4.8
6 Obligatory Fire 2772.9 4.5
7 Aviation 2519.0 4.0
8 Financial Risks 2446.7 3.9
9 Voluntary MTPL 2151.7 3.4
10 Accidents and Sickness 2115.7 3.4
11 Cargo 1922.4 3.1
12 Carriers Liability 1626.4 2.6
13 Professional Liability 806.4 1.3
14 Life 600.2 0.9
15 Compulsory MTPL 283.3 0.4
16 Vessels 245.9 0.3
17 Liability on un-fulfillment of obligations 49.1 0.07
  Total 61577.5 100,0

Loss Ratio by Classes of Insurance in 2005

(In thousand GEL)
N Classes of Insurance Loss Ratio (Claims/Premium income) %
1 Medical 62.6
2 Land Vehicles 46.6
3 Civil Liability 37.5
4 Accidents and Sicknesses 27.8
5 Compulsory MTPL 24.4
6 Life 24.3
7 Carriers Liability 11.0
8 Property 7.3
9 Obligatory Fire 7.3
10 Voluntary MTPL 5.2
11 Pension Insurance 3.9
12 Professional Liability 3.4
13 Cargo 2.9
14 Aviation 1.5
15 Financial Risks 0.0
16 Vessels 0.0
17 Liability on un-fulfillment of obligations 0.0
  Average 25.9

Main Financial-Economic Indicators of the Georgian Obligatory Insurance Bureau in 2005

Indicator Type of Compulsory Insurance
Compulsory MTPL Insurance Compulsory Fire Insurance Total
Insurance Companies Contributions (GEL) 75276 126749 202025
Compensations (GEL)
 48375 - 48375
Preventing Operations Expenses (GEL)
 4450 2631 31381

* The main objective of the Obligatory Insurance Bureau according to the Law of Georgia "On Compulsory Civil Responsibility Insurance of Owners of Transport Means" and by-law of the Bureau is to compensate those damages that are caused by noninsured, unidentified, stolen transport means. Pursuant to the Law Obligatory Insurance Bureau has the right to implement international MTPL - liabilities of National Organization of "Green Card". It has a coordinative function in this activity.

Diagrams
Motor

Property

Accidents

Aviation

Civil Liability

Obligatory Fire

Health

Land Vehicles

Cargo

Financial Risks

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