STATISTICS: GEORGIA, 3Q2023: total profit of the insurance sector increased by 21.6%

12 December 2023 — Marina MAGNAVAL
STATISTICS: GEORGIA, 3Q2023: total profit of the insurance sector increased by 21.6%

At the end of 3Q2023, the Georgian insurance sector grew by 16.11%, reaching GEL 817.99 million (EUR 287.80 million), according to the Georgian Insurance Supervision Service.

The market continues to be non-life oriented, as non-life insurance occupies about 92% of the total portfolio. The most significant classes of insurance, such as health insurance (GEL 353.91 million) and motor insurance (GEL 210.16 million) demonstrated double-digit growth rates for the first 9 months of 2023.

Motor insurance is the second largest segment in the overall structure of the insurance business in Georgia. At the same time, according to the financial reports of insurance companies, the number of insured land vehicles in the country is 122,360 units, which is equivalent to 7% of the country's vehicle fleet. The largest share of the total volume of land vehicle insurance belongs to TBC Insurance.

At the end of 9M2023, the profit of insurers amounted to GEL 190.9 million, net profit – GEL 63.5 million (vs GEL 157 million and GEL 35 million respectively a year earlier). Thus, total profit increased by approximately 21.6% y-o-y.

In the overall ranking in terms of GWP among 18 insurance companies, GPI Holding continues to lead (GEL 145.29 million). Second and third places are consistently occupied by TBC Insurance and Aldagi.

Access xprimm.com and download the latest Georgian insurance market statistics for 3Q2023 in EUR and GEL.


 

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