According to Chairman of the Insurance State Supervision Service, over the past 5 years, GWP, or revenue of insurance companies, has doubled, which indicates active consumer participation and growing demand for insurance products.
“The revenue of the insurance sector in 2024 will amount to GEL 1.26 billion, which is GEL 200 million more y-o-y. This is due to several factors: people now trust insurance products more, the second factor that influenced the revenue growth is the rise in prices, for example, prices for health insurance have increased. Health insurance does not bring much profit to insurance companies, but prices in the health sector are rising, so this price change is reflected in health insurance. Significant growth is observed in health insurance, as well as property and motor insurance. There is no decline in any LoB, and the sector seems to be standing firm on the ground”, explained David Onoprishvili.
“Competition is also high, we are a small country, and with 19 companies on the market, we are talking about quite serious competition, which is good for consumers, because when competition is high, consumers are looking for quality and low prices”, he added.
It is noted that the insurance market review for 2024 has not yet been published on the website of the Insurance State Supervision Service of Georgia.
*EUR 1 = GEL 2.9192 (31.12.2024)
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