According to the 3Q2022 results, the Georgian insurance market grew by 16.11% y-o-y, reaching GEL 704.48 million (EUR 256.34 million), according to the Georgian Insurance Supervision Service.

Non-life insurance, which dominates the market portfolio, occupying over 92%, increased to GEL 649.41 million. Among the non-life classes that saw significant growth are travel insurance, aviation risk insurance, MTPL, health insurance, motor hull and cargo insurance. At the same time, some classes recorded a drop in volumes, such as accidents, property, GTPL and financial risk insurance.

Life insurance also recorded positive dynamics, increasing by 19.28% to GEL 55.07 million.

Insurers' paid claims increased by 11.58% y-o-y. It is worth noting that the growth of paid claims was recorded only in non-life insurance, while life insurance paid claims, on the contrary, decreased (-10.33%).

At the end of the third quarter, 18 companies were operating on the market. GPI Holding continues to rank first in terms of premiums (GEL 132.53 million). TBC Insurance moved up to the second position (GEL 114.42 million), Aldagi occupies the third position in the ranking.

Access xprimm.com and download the latest Georgian insurance market statistics for 3Q2022.