IC Group Insurance Company

What IC Group Insurance Company does

JSC Insurance Company Euroins Georgia (previously IC Group Insurance Company, founded 2010) is a Georgian-licensed joint-stock insurance company that rebranded and joined Euroins Insurance Group (EIG) in 2017. EIG describes itself as the largest insurance group in Eastern and Southern Europe, operating across 10 countries (Bulgaria, Romania, Italy, Spain, Germany, Poland, Greece, Georgia, North Macedonia, Ukraine) with 2.5 million customers, 1,600 employees and approximately €500 million in group annual turnover.

Euroins Georgia operates a seven-line insurance portfolio: motor (MTPL, CASCO, MPA), health, travel, property, cargo, bank guarantees, and liability (medical, carrier, civil, employer, auditor). Pricing is mass-market oriented — motor starts at 2% of insured value with zero-franchise options, travel and bank guarantees are issued on a transaction basis. Underlying technology is a conventional insurance platform for policy management, claims processing and online sales, with proprietary components being an online travel purchase platform, a Personal Cabinet self-service portal (myspace.euroins.ge), and integration with mypay.ge for premium payments.

The business model combines premium income from personal and commercial lines with transaction fees on bank guarantees for state procurement. Distribution spans a Tbilisi headquarters and a Batumi regional service office, a direct online storefront, an embedded channel through the VTB Bank Georgia bancassurance partnership, and an auto service partner network for motor insurance value-added services. Customer segments split between individual consumers (primary), corporate/business clients (primary), and logistics/transportation companies (secondary). No public funding, M&A, or standalone revenue disclosures are available; the entity operates as a private wholly-owned EIG subsidiary.

Name

IC Group Insurance Company

Legal name

JSC Insurance Company Euroins Georgia (სს სადაზღვევო კომპანია ევროინს ჯორჯია)

Website

https://euroins.ge

Company type

Private

Founded year

2010

Operating status

Operating

Short description

JSC Insurance Company Euroins Georgia is a Georgian-licensed insurer and member of Euroins Insurance Group (EIG), offering seven lines — motor, health, travel, property, cargo, bank guarantees and liability — to individual consumers, corporate clients, and VTB Bank Georgia bancassurance customers across Georgia.

Ownership category

akta.pro rank

Product category

Insurance Services

NAICS

Direct Life, Health, and Medical Insurance Carriers (52411), Finance and Insurance (52)

SIC

Insurance Carriers, Nec (6399), Accident & Health Insurance (6321), Life Insurance (6311)

akta.pro primary industry

Large Commercial Package (National Accounts) (FSAJAFAC)

akta.pro secondary industry

Commercial General Liability (CGL) (FSAJADAA)

Keywords

• Motor vehicle insurance
• Health insurance coverage
• Travel insurance policies
• Property insurance services
• Bank guarantee issuance

Headquarters

HQ city

Tbilisi

HQ country

Georgia

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Insurance Premiums: Collection of insurance premiums from various product lines including motor, health, travel, property, cargo, and liability insurance. Both one-time (single-trip travel) and recurring (annual motor, multi-trip travel) premium models.
2. Bank Guarantees: Fees collected for issuing bank guarantees to companies participating in state procurement. Tender/auction, contract performance, and advance payment guarantees.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels4 records

Core offering

Euroins Georgia (formerly IC Group Insurance Company) is a Georgian-licensed insurance company that underwrites and distributes a full range of personal and commercial insurance products. Its portfolio covers motor (MTPL, CASCO, driver/passenger accident), health, travel (single-trip and multi-trip with Schengen/worldwide coverage zones), property, cargo, and professional liability insurance, plus bank guarantees (tender, contract performance, advance payment) for companies participating in state procurement. Products are sold directly via the company's website, online travel purchase platform, and service offices in Tbilisi and Batumi, as well as through a bancassurance partnership with VTB Bank Georgia.

Product overview

Euroins Georgia operates as an insurance company offering a comprehensive portfolio of insurance products. The company provides seven core insurance products: Motor Insurance (with MTPL, CASCO, and MPA coverage), Health Insurance, Travel Insurance (available for single-trip or multi-trip with Schengen and worldwide coverage), Property Insurance, Cargo Insurance, Bank Guarantees, and Liability Insurance (covering doctors, carriers, civil, employer, and auditor liability). Products are distributed through multiple channels including the company's own online platforms (euroins.ge and online.euroins.ge), a personal cabinet portal (myspace.euroins.ge), VTB Bank partnership, and physical office locations in Tbilisi and Batumi. The company is part of Eurohold, one of the largest insurance groups in Eastern Europe.

Differentiator

Problem solved

Functional benefit

Products and services

• Motor Insurance

Named customers1 record

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core, minor and flagship.

• VTB Bank GeorgiacoreChannel Partner/ Reseller/ Distributor · 1 January 2015Bancassurance partnership providing insurance products (life, property, motor, critical illness, unemployment, travel) to VTB Bank customers. Multiple policy versions documented from 2015, 2017, 2018, and 2020 with various coverage types.
• Auto Technical Support PartnersminorOthersNetwork of automotive technical support service providers offering assistance to Euroins motor insurance customers. Includes services such as roadside assistance and vehicle repair coordination.
• Car Wash Service PartnersminorOthersPartner car wash service providers offering discounted washing services to Euroins auto insurance customers at half price.
• Euroins Insurance Group (EIG)flagshipStrategic or Co-development PartnerParent company membership. Euroins Georgia is a member of the largest insurance group in Eastern Europe, operating across 10 countries (Bulgaria, Romania, Italy, Spain, Germany, Poland, Greece, Georgia, North Macedonia, Ukraine). Group serves over 2.5 million customers with 500 million EUR annual turnover.

Scale indicators5 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• PZU Group: Polish insurance group and the largest insurer in Central and Eastern Europe. Operates across multiple CEE countries with broad P&C and life offerings, competing with Euroins Group's regional footprint in adjacent Eastern European markets.
• Allianz: Global insurance and asset management group with substantial Central and Eastern European operations. Competes in similar multi-line insurance categories across multiple markets with deeper capital resources, established reinsurance relationships, and broader product portfolio.
• Generali: Global insurance and asset management group with significant Central and Eastern European operations. Competes in the same broader regional insurance space with a wider portfolio of products across multiple markets and greater brand recognition.
• UNIQA Insurance Group: Austrian insurance group with strong Central and Eastern European footprint across multiple countries. Operates in similar multi-line insurance categories as Euroins Group with broader geographic diversification and longer history in CEE markets.
• Vienna Insurance Group (VIG): Major Austrian insurance group with extensive Central and Eastern European operations across multiple countries. Competes broadly in the CEE insurance market where Euroins Group operates, offering P&C, life, and health insurance with broader geographic reach and larger capital base.

Direct peers

• Aldagi: One of the largest Georgian insurance companies offering motor, property, health, and other insurance products. Direct competitor in the same Georgian market with similar multi-line product portfolio and bancassurance-style distribution; now operating under Liberty Holdings ownership.
• TBC Insurance: Georgian insurance subsidiary of TBC Bank, one of the largest banks in Georgia. Direct competitor leveraging a bancassurance distribution model very similar to Euroins Georgia's VTB Bank partnership, offering multiple insurance products to TBC Bank's large customer base.
• GPI Holding: Major Georgian insurance holding company providing P&C, life, and health insurance to consumers and businesses. Direct competitor in the Georgian market with comparable multi-line offerings and similar regulatory environment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/ic-group-insurance-company

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about IC Group Insurance Company