GEORGIA: in 2022 net profit of the insurance sector slightly drops

20 April 2023 —
In 2022, total profit of the insurance sector amounted to GEL 210.3 million (EUR 72.90 million), while net profit slightly decreased to GEL 39.2 million from GEL 40 million in 2021, Business Georgia.reports.

At the same time, total assets of insurance companies amounted to GEL 1,105.5 million, and equity reached GEL 343.2 million.

Experts note that only 18% of the population of Georgia use private insurance services, while the number of insured registered cars reaches only 7%.

As of December 31, 2022, there were 18 insurance companies operating in Georgia. In terms of collected premiums, GPI Holding is the market leader.

*1 EUR = 2.8844 GEL (December 31st, 2022)