Georgian insurance companies attracted insurance premiums of 667 million GEL in total during 2020, - a financial report submitted by the companies to the regulator reveals.
According to the document, the premiums attracted by Georgian insurance companies was 42.3 million GEL up in 2020. Last year, the net profit of the sector amounted to 47.6 million GEL, which is 89% more compared to 2019.
As for the insurance company Imedi L, a total of 71.7 million GEL premium was attracted by the company during 2020, which was 15% less compared to 2019.
As the General Director of the company Givi Giorgadze told BM.GE, the main reason for the decrease was the pause of certain sectors on the market, including the tourism industry, which is an important client for the company.
"We had more pessimistic expectations in 2020 but it did not come true. However, it is likely that pessimistic expectations will become real in 2021, because 2020 was more chaotic. Now, we will receive the effects caused by the decline of revenues in various businesses. The tourism sector was crucial for us; tourism insurance almost was not used in 2020. The prospects for the segment recovery still remain vague. The same can be said about a very important project, which provides third-party insurance while crossing the border, this project is also halved, "said Givi Giorgadze, General Director of Imedi L.
In 2020, the insurance sector attracted premiums of 267.6 million GEL in total, including 23% or 61.8 million GEL accounts for Imedi L.
