Georgia

NOTE FROM THE EDITOR
Georgia left the Commonwealth of Independent States (CIS) in 2008. However, only for the ease of categorization, the country is still listed in our publications under the CIS category

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Flag_of_Georgia
Location map
author: OCHA/ ReliefWeb


Location:
- Southwestern Asia, bordering the Black Sea, with a sliver of land north of the Caucasus extending into Europe.
- Neighbours: Azerbaijan, Armenia, Turkey, Russia.

Climate:
- warm and pleasant;
- Mediterranean-like on Black Sea coast.

Natural hazards:
- earthquakes.

Macro indicators
* 2018 estimates
Surface:69,700km2
Population*:3.7million
Pop. density*:53.2people/km2
GDP*:13.5EUR billion
GDP/capita*:3,632.2EUR

Currency: Lari
Code: GEL
Since: 1995


Insurance market portfolio
* 2018 estimates
TOTAL LIFE*:7%
TOTAL NON-LIFE*:93%
Overall Property*:16%
Overall Motor*:24%

Sources:



 


Statistics

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Georgia 3Q2021 Market Portofolio

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Georgia 3Q2021 Market Ranking


See all statistics

Latest news



GEORGIA: only 2% of GDP is spent on insurance

Premiums paid by clients of insurance companies in Georgia amount to only 2% of GDP, which is about 4 times less than the world average. As Soso ARCHVADZE, an expert in statistics, noted, if Georgia on average lags behind the development level of the world economy by 10-15%, then its lag in the insurance segment is much higher, Business Georgia reports.


GEORGIA: real estate is insured only for 6.9% of the population

Currently, in Georgia, real estate is insured only for 6.9% of the population, since no one insures property voluntarily - mainly clients of insurance companies in this segment are legal entities or buyers of apartments in the primary real estate market who received mortgage loans and are required to purchase insurance, Business Georgia writes.









GEORGIA: MAI Georgia was positioned as the insurance brokerage market leader in 2019, both in premiums and commissions terms

MAI Georgia was the leading insurance broker on the Georgian insurance intermediation market, in 2019, holding 39% of the intermediation commissions cashed at the market level in accordance with the data published by the Insurance Supervision service. In premiums terms, MAI Georgia accounts for 32% of the direct premiums and 61% of the reinsurance premiums intermediated in Georgia.