According to the Insurance Supervision Service of Georgia, the insurance market grew by 20.12% in the first three quarters of 2024, amounting to GEL 982.57 million (EUR 322.37 million).

The market remains focused on non-life insurance, where insurers collect about 92% of all premiums. The largest class on the market is health insurance (almost 44%). The second largest class is motor insurance, accounting for about 26% of total GWP. Another class with a double-digit share in the market portfolio is property insurance (11.37%).

Insurers' paid claims increased by 28.12% at the end of 3Q2024, reaching GEL 572.53 million (EUR 187.84 million). The most significant amounts were paid in health insurance, motor insurance, and aviation hull insurance.

Of the 19 companies operating in the market at the end of 3Q2024, GPI Holding holds the lead in terms of GWP (GEL 170.45 million). TBC and Aldagi rank second and third respectively, as a year earlier. The top 3 group remained unchanged compared to the same period in 2023.

Access xprimm.com and download the latest Georgian insurance market statistics for 3Q2024 in EUR and GEL.