The Georgian insurance market ended 2022 with GEL 909.63 million (EUR 315.36 million), which is almost 18% more y-o-y in local currency, according to the Georgian Insurance Supervision Service.

Non-life insurance continues to dominate the premium market portfolio with around 92%. Travel insurance (+75%), MTPL, health insurance, and cargo insurance grew especially noticeably. Life insurance, in turn, slightly increased its share in the market, the segment's growth rate reached almost 25%.

Insurers' paid claims increased by 13%, reaching GEL 495.05 million. However, only non-life insurance provided an increase here, while for life insurance, insurers paid 10% less than in 2021.

At the end of 2022, 18 companies were operating on the market. GPI Holding holds the lead terms of collected premiums (GEL 165.23 million), TBC Insurance moved up to the second place with GEL 153.17 million, displacing Aldagi to the third position in the overall ranking.

Access xprimm.com and download the latest Georgian insurance market statistics for FY2022 in EUR and GEL.