STATISTICS: GEORGIA, FY2023: market exceeded GEL 1 billion

17 April 2024 — Marina MAGNAVAL
STATISTICS:  GEORGIA, FY2023: market exceeded GEL 1 billion

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%.

The market is dominated by non-life insurance (about 92% of the premium portfolio). The largest segment is motor insurance, in which insurers collected GEL 280.19 million last year.

As of 2023, there are 720,944 active health insurance policies in Georgia, benefiting 19% of the country's population. This figure is constantly growing - in 2022, the number of policies was 682,152, and the population share was 18%.

According to the Insurance Supervision Service, GWP collected in health insurance during 2023 amounted to GEL 447 million (+19%).

At the end of last year, the profit of insurance companies reached GEL 248.5 million (+GEL 38 million), net profit – GEL 73.5 million (+GEL 34 million).

In terms of GWP, GPI Holding is the market leader (GEL 184 million), followed by TBC (GEL 177 million), and Aldagi (GEL 170 million). Ardi and Imedi L round out the top five. GPI is the leader in the health insurance segment, TBC is leading in the land vehicle insurance segment, and Aldagi - in property insurance.

Access and download the latest Georgian insurance market statistics for FY2023 in EUR and GEL.