Posted: 5 months ago

GPI Holding: Demand for Medical Insurance Services Unprecedented in 2021

Tina Stambolishvili, Communications Director of GPI Holding Insurance Company, sums up the year 2021 and says that according to preliminary data, GPI Holding still maintains market leadership.

"We will end 2021 with the largest market share and solid financial results. Despite the difficulties, the company was able to be a leader not only in terms of premiums attracted, the introduction of innovative products and approaches, but also in terms of the highest level of liquidity - this is a key parameter of the insurance company and indicates a strong governance system, financial stability and reliability.

We believe that in such a turbulent environment, it is necessary for the insurance sector to show full financial readiness and soundness to deal with risks and meet customer expectations," - said Stambolishvili at Business Partner.

According to Stambolishvili, there was an unprecedented increase in insurance in the field of main medical services this year.

"It is natural that in the conditions of Lockdown people could not go to the doctor or receive other non-urgent treatment, and this need has already been realized this year. This was compounded by the high priority of health care in general in pandemic conditions and the problems associated with Covid. Due to high referrals, both medical and insurance service systems were overloaded, to which we responded by rapidly mobilizing additional resources and adapting to new customer behavior despite minor delays.

The increase in the frequency of consumption is clearly reflected in the rate of profit, which - according to preliminary data - will be lower than in the previous year. The second important reason is the negative dynamics of life insurance - against the background of increased mortality due to Covid," - said Stambolishvili.

As for her, corporate insurance holds about 60% of the portfolio. Significant growth in this direction has been observed this year as well.