Page 57 - GEORptJul22

Georgian insurance market grows by 19% in H1
The Georgian insurance market ended H1 with an expansion of 19% y/y, while gross written premiums (GWPs) reached GEL 448.64mn (€119.29mn), according to data published by the Georgian Insurance Supervision Service.
Life and non-life insurance had almost the same growth rates, also at 19%, while the market remained non-life oriented - non-life insurance occupies over 93% of the portfolio.
Of the largest market segments, the most impressive growth was recorded by Motor Hull, with GWP increased to GEL 74.49mn, while property insurance also grew by more than 25%, as well as accident insurance and health insurance.
Insurers' paid claims expanded by almost 26% to GEL 194.19mn. In terms of segments, the largest amount of paid claims fell on health insurance - almost GEL 105mn.
Out of 18 companies operating in the Georgian insurance market, GPI Holding continued to lead (GEL 86.11mn of GWP), Aldagi ranked second, while Imedi L and TBC Insurance swapped places, with Imedi L falling to fourth and TBC Insurance moving up to third.
9.1.9 Agriculture sector news
Georgia to ban export of wheat and barley for a year
Georgian blueberry suppliers ‘have global ambitions’
The Georgian government will ban the export of wheat and barley for a year starting from July 4, 2022. The decree has already been signed by Prime Minister Irakli Garibashvili and shared on the official Facebook page. The reason is the Russian invasion of Ukraine, according to Minister of Environment and Agriculture Otar Shamugia, "given the situation in the region, it is important to sell locally produced wheat and barley only on the domestic market to ensure food security", he said. According to him, despite the fact that Georgia is completely dependent on wheat imports (500,000 tonnes of wheat per year) and wheat cannot be exported from Georgia due to low production, “the current situation creates a risk that a certain amount of wheat may be exported for export".
As for barley, according to the ministry, the barley produced in the country is exported to Iraq and Iran, but it is important that "at this stage" it be sold only on the local market. According to the ministry, the forecasted barley harvest for 2022 fluctuates around 60,000 tonnes, of which more than 2,500 tonnes have already been exported. At this stage, restrictions do not apply to corn exports.
Georgian blueberry suppliers believe they possess the potential to become a significant global player thanks to modernisation and expansion efforts in blueberry production and export, according to horti daily.
By 2024, over 1,500 hectares of blueberries will be in full production in Georgia, according to growers, with the planted area garnering a minimum of 15,000 tonnes of fresh blueberries every year, the trade media outlet reported. The developments might be especially of interest to blueberry buyers in the UK, where blueberries remain the fastest growing berry in the market.
Wrote horti daily: “The up-and-coming country supplier presents a great opportunity for UK buyers, importers, wholesalers, distributors, and retailers to strengthen their sourcing of quality blueberries from around the world. “According to data provided by the Fresh Produce Consortium (FPC), berries overall rank second among the top five fresh fruits imported into the UK; growing 7 percent in volume terms per annum between 2011 and 2020. Blueberries represent the second-biggest berry category in the UK currently,
57 GEORGIA Country Report July 2022 www.intellinews.com