GEORGIA: in 9M2021 net profit of the insurance sector decreased by 14% y-o-y

14 December 2021 — Marina MAGNAVAL
As of September 30, 2021, profit of the Georgian insurance sector amounted to GEL 131.2 million (EUR 36 million*), net profit - GEL 31.9 million, which is 14% less y-o-y (as of 30.09.2020, net profit of the insurance sector was GEL 44.3 million), Business Georgia wrote according to the data of the Insurance Supervision Agency.

Total amount of assets of the Georgian insurance companies increased and amounted to GEL 1 billion, while for the same period in 2020 this figure stood at GEL 976.9 million.

It is noted that health insurance in Georgia is used by 17% of the population - in the reporting period, 640 695 valid insurance policies were recorded. On the other hand, only 7% of all registered vehicles have a motor insurance policy - i.e. 102,594 policies.

As of September 30, 2021, 18 insurance companies were active on the insurance market of Georgia.

* 1 EUR = 3.6409 GEL (September 30th, 2021)

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