STATISTICS: GEORGIA, 1H2022: the market expanded by more than 12% in local currency

7 September 2022 — Marina MAGNAVAL
STATISTICS: GEORGIA, 1H2022: the market expanded by more than 12% in local currency
According to the 1H2022 results, the Georgian insurance market grew by 12.49% y-o-y, total GWP reached GEL 504.67 million (EUR 163.74 million), according to the Georgian Insurance Supervision Service.

Non-life insurance, which dominates the market portfolio, occupying about 93%, increased to GEL 467.92 million. Among the non-life classes, some have recorded an annual drop in premiums, such as accidents insurance, property insurance, general liability insurance. At the same time, health insurance grew by 18.62%, occupying over 45% of the total market. Growth was also observed in motor insurance, both in MTPL and Motor Hull.

Insurers' paid claims increased by 17.18% y-o-y, to GEL 227.56 million (EUR 73.83 million). It is worth noting that life insurance paid claims decreased by almost 15%, while non-life insurance paid claims, on the contrary, increased by 20%.

At the end of the first half of 2022, 18 companies were operating on the market. GPI Holding tops the ranking with the largest GWP amount (GEL 101.34 million). TBC Insurance moved to the second position (GEL 75.63 million), while Aldagi made a rapid jump from the last to the third position in the ranking.

Access xprimm.com and download the latest statistics of the Georgian insurance market for 1H2022.



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