GEORGIA: Ardi: health insurance accounts for 50% of insurance business in the country

27 November 2023 — Marina MAGNAVAL
The most common type of insurance in Georgia is health insurance, which accounts for 50% of the insurance business. At the same time, it is necessary to introduce compulsory insurance in the country, according to the general director of the Ardi insurance company, Mikhail Japaridze, Business Georgia wrote.

“The main advantage of the compulsory insurance is increasing awareness of insurance as a risk management tool”, noted Mikhail Japaridze.

In the first 6 months of 2023, total net profit of insurance companies amounted to GEL 34.3 million (~EUR 11.99 million), which is GEL 24 million more than a year earlier. According to the State Insurance Supervision Service of Georgia, in the first 6 months of 2022, total net profit of insurance companies was only GEL 10 million.

*1 EUR = 2.8591 GEL (June 30th, 2023)