Georgia: VIENNA Insurance Group plans to merge its companies GPI Holding and International IRAO
VIENNA Insurance Group, main shareholder of insurance companies GPI Holding and IRAO in Georgia, plans to start the merger of the two companies, so that the Austrian group will own over 25% of the market share, according to representatives of the National Bank of Georgia.
According to the results published by the National Bank of Georgia, in the first half of 2011, on the non-life insurance line, GPI Holding is the market leader. The underwritings value on this segment reached EUR 13.24 million (market share - 17.62%), while claims amounted to EUR 7.61 million (in 1H/2010, claims totaled EUR 6.62 million). In 1H/2010, the company GPI Holding ranked third, with a market share of 13.71%.
The second company, International IRAO Georgia, member of VIG, decreased in the first half on the 5th place in the ranking of insurance companies (in 1H/2010 it ranked 4th), with a market share of 7.96% (in 1H/ 2010 - 12.79% market share). During January-June 2011, on the non-life insurance line, the underwritings decrease has doubled to EUR 5.98 million, while claims totaled EUR 4.25 million.
Currently, on the profile market in Georgia 16 insurance companies operate.
VIENNA Insurance Group, main shareholder of insurance companies GPI Holding and IRAO in Georgia, plans to start the merger of the two companies, so that the Austrian group will own over 25% of the market share, according to representatives of the National Bank of Georgia.