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).

Almost half of the market portfolio (47.97%) was generated by health insurance, where insurers collected GEL 341.44 million. In terms of premiums, motor insurance ranks second. These two segments on the market are the only ones with GWP in three-digit numbers.

The share of life insurance in the market portfolio has hardly changed and amounts to slightly over 7%, while its growth rate by the end of the half-year was at the level of 24%.

Insurers' paid claims grew quite significantly by the end of the first half of the year - by 57%, reaching GEL 414.68 million (EUR 137.85 million). Non-life paid claims increased by 59%, while paid claims in life insurance rose only by 18.83% in local currency.

Of the 19 companies operating in the market at the end of 1H2024, GPI Holding is the leader in terms of GWP (EUR 128.91 million). TBC ranks second, followed by Aldagi, as a year ago.

Access xprimm.com and download the latest Georgian insurance market statistics for 1H2024 in EUR and GEL.