STATISTICS: GEORGIA, 1Q2022: the market grew by about 15% y-o-y with the most impressive growth recorded by travel insurance

16 June 2022 — Marina MAGNAVAL
According to the 1Q2022 results, the Georgian insurance market grew by 14.75% y-o-y, total GWP reached GEL 267.60 million (EUR 77.57 million), according to the Georgian Insurance Supervision Service.

Growth rates of life insurance and non-life insurance were almost similar, at the level of 14-15%. Among the non-life classes, travel insurance (+86%) saw the most impressive growth; GTPL, health insurance, and motor insurance also increased. A decrease in volumes was observed in accident insurance (almost by 11%) and cargo insurance.

Insurers' paid claims increased by more than 21% y-o-y to GEL 110.11 million. At the same time, only non-life insurance acted as a driver for the paid claims' growth, as life paid claims, on the contrary, contracted by 11%.

At the end of the first quarter, 18 companies were operating on the market. Leadership is still held by GPI Holding (GEL 59.77 million/EUR 17.33 million). Imedi L and TBC Insurance retained their second and third places, respectively.

Access and download the latest Georgian insurance market statistics.

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