STATISTICS: GEORGIA, FY2021: the market expanded by almost 16% y-o-y (in local currency)

6 April 2022 — Marina MAGNAVAL
The Georgian insurance market ended 2021 with an increase of almost 16% - GWP amounted to GEL 772.66 million (EUR 220.51 million), according to the Georgian Insurance Supervision Service.

Significant growth rates were demonstrated by both the life insurance sector (almost 19% y-o-y), which grew to about GEL 60 million, and the non-life insurance sector (+15.53%), which occupies over 92% of the market portfolio.

Almost all non-life classes saw positive dynamics at the end of the year. Motor insurance increased by almost 21%, GWP in the segment reached GEL 187.65 million. After lifting of restrictions related to the coronavirus pandemic, there has been a rapid recovery in travel insurance - an increase of about 60%.

Insurers' paid claims also increased by 13% compared to 2020, reaching GEL 435.73 million (EUR 124.35 million). Some non-life classes had a decrease in paid claims, such as property insurance (-33.71%), cargo insurance, and financial risks insurance.

At the end of 2021, 18 companies were operating on the market. The leadership is still held by GPI Holding (GEL 140.41 million), while Aldagi and TBC Insurance kept the second and third places, respectively.

Access and download the Georgian insurance market statistics for FY2021.

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