The Baden Baden Meeting 2024 hosted an evening dedicated to the Georgian insurance market. International business peers of the Georgian insurers had the opportunity to meet the Georgian insurance professionals and also get the latest issue of the XPRIMM Insurance Profile Georgia FY2023 and 1H2024.

The Georgian government is going to initiate a bill providing for compulsory civil liability insurance of vehicle owners, Business Georgia writes.

According to the Georgian Insurance Supervision Service, at the end of 1H2024, the insurance market grew by 20.44%, amounting to GEL 711.77 million (EUR 236.61 million).

Investment holding Sakartvelos Capital (Georgia's Capital) has merged three largest insurance companies - Aldagi, Imedi L and Ardi are already managed by one company, Business Georgia writes.

According to the Georgian Insurance Supervision Service, at the end of the first quarter of 2024, the insurance market grew by 22.21% in local currency, amounting to GEL 397.73 million (EUR 136.85 million).

The introduction of compulsory health and accident insurance for tourists coming to Georgia is planned to be postponed until January 1, 2026. A draft suspending application of this clause of the law until the end of 2025 has been submitted to parliament, Report writes.

In 2023, the number of insured air vehicles in Georgia amounted to 84 units, which is 13% less y-o-y, according to the financial reports of insurance companies, commersant wrote.

According to the Georgian Insurance Supervision Service, the market in 2023 amounted to GEL 1.06 billion (EUR 357.47 million/+13.35%), which is almost 17% more y-o-y. Insurers’ paid claims reached GEL 614.29 million (EUR 206.46 million/+20.29%), which indicates an increase of 24%.

David Onoprishvili was appointed, by decree of the Georgian Government, for a new mandate of 5 years at the top of the Georgian State Insurance Supervision Service, starting February 12, 2024.

According to preliminary estimates, in 2023 the insurance market in Georgia exceeded GEL 1 billion (~EUR 0.33 billion). The insurance profit of 18 companies amounted to GEL 250 million, which is 19% more than in 2022, commersant wrote.

In 2023, the Georgian insurance market showed slight growth, although overall the indicators did not change much. Positive dynamics was observed; the experts note that the insurance sector is returning to its pre-pandemic state, according to the head of the Insurance Association of Georgia, Devi Khechinashvili, Business Georgia repots.

According to financial reports of Georgian insurance companies, the number of insured air vehicles in Georgia is 63 units, which is 15 units less than in 2022, Business Georgia reports.

At the end of 3Q2023, the Georgian insurance sector grew by 16.11%, reaching GEL 817.99 million (EUR 287.80 million), according to the Georgian Insurance Supervision Service.

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 draft law on MTPL will soon be submitted to parliament for consideration. According to the Insurance Supervision Service, after the introduction of compulsory insurance, companies will compensate expenses to victims of road accidents in the amount of up to GEL 35,000 (~EUR 12,191), Business Georgia writes.

In January-June 2023, the net profit of the Georgian insurance sector amounted to GEL 34.3 million (EUR 11.99 million), which is GEL 24 million more than in the same period last year, Business Georgia wrote. The head of the Association of Insurers, Devi Khechinashvili, speaking about the 1H results, said that the sector has problems that significantly hinder growth.

The Georgian insurance market ended the first quarter of 2023 with GEL 325.45 million (EUR 116.81 million), which in local currency is almost 22% more y-o-y, according to the Georgian Insurance Supervision Service.

In 1H2023, the market grew by 17%, reaching GEL 590.99 million (EUR 206.70 million), according to the Georgian Insurance Supervision Service.

As of now, approximately 50,000 private health insurance policies are effective on the Georgian insurance market. At the same time, the demand for private policies has significantly decreased after introduction of the state insurance system, as noted by the President of the Insurance Association Devi Khechinashvili,

The risk management and insurance company Global Benefits Georgia has insured an unprecedented construction project of Orbi Group and Block LLC "Central Park Tower". The investment volume of the construction project is 300 million US dollars. Total premium of Global Benefits Georgia's insurance package is 1 million Gel (~EUR 350.877).