Location map
author: OCHA/ ReliefWeb

- Southwestern Asia, bordering the Black Sea, with a sliver of land north of the Caucasus extending into Europe.
- Neighbours: Azerbaijan, Armenia, Turkey, Russia.

- warm and pleasant;
- Mediterranean-like on Black Sea coast.

Natural hazards:
- earthquakes.

Macro indicators
* 2018 estimates
Pop. density*:53.2people/km2
GDP*:13.5EUR billion

Currency: Lari
Code: GEL
Since: 1995

Insurance market portfolio
* 2018 estimates
Overall Property*:16%
Overall Motor*:24%




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Georgia 1H2021 Insurance Companies Rankings

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Georgia 1H2021 Market Portofolio

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Latest news

GEORGIA, FY2012: Health above all

The Georgian insurance market ended the financial year 2012 in black, as gross written premiums increased by 60.5% y-o-y to GEL 515 million (EUR 236 million), as the National Bank of Georgia reports. About three quarters of this value was generated by only one segment: health insurance.

ARMENIA hails GEORGIAN experience in health insurance

Armenian ambassador to Georgia Hovhannes Manoukian met March 12 with Georgian Healthcare Minister David Sergeyenko. Ambassador Manoukian voiced hope that the cooperation between the countries will continue. Minister Sergeyenko, in turn, noted Armenian-Georgian collaboration in healthcare sector as a significant area in bilateral relations.

GEORGIA, 3Q2012: Impressive growth continues

The total insurance premium volume in Georgia increased impressively to EUR 215 million (GEL 460.3 million) in the period January - September 2012, 75% more as compared with the same period a year ago, according to the data published by the National Bank of Georgia. In terms of claims, the local insurers paid out EUR 83.6 million in insurance damages until the end of September, 10.7% more y-o-y.

GEORGIA: 24% growth for the insurance market in 1H 2012

Georgian insurers posted underwritings worth GEL 233.9 mil (EUR 115 million) between January-June 2012, a 24.3% growth in national currency as compared with the 1H 2011 results. Paid claims have increased by 1.2% reaching GEL 118.2 million (EUR 58 million), according to financial results published by the National Bank of Georgia.

GEORGIA: From red (FY11) to black (1Q12)

Following negative figures registered during the whole year 2011, the insurance sector saw growth momentum into first quarter of 2012. Practically, Georgian insurance industry ended 1Q2012 with a respectable growth of 67 per cent over the previous year.

GEORGIA: ALDAGI BCI became 85% owner of the IMEDI L

The largest player was established in the Georgian insurance and hospital markets, as on April 5th, insurance Company ALDAGI BCI became the owner of an 85% capital share of IMEDI L, in a deal of GEL 8 million (EUR 3.8 million), announced by COMMERSANT.

GEORGIA: VIG confirmed in 3Q2011 the market leader position recently gained

In January-September, 2011, Georgian insurers generated a premium volume of EUR 116 million, 6% less compared to 3Q2010. Despite this decrease, life insurance premiums recorded a double value to EUR 5 million, but this type of insurance is still significantly under-represented, with a share of less than 5% in the total premium volume.

Georgia: The health insurance segment maintained the market at its 2009 level

The insurance market in Georgia has seen a slight increase in 2010 of the gross written premiums of 0.27%, up to GEL 361.46 million (EUR 152.24 million) as compared with the similar period of 2009, when the profile companies underwrote GEL 360.45 million (EUR 151.82 million), according to the most recent data published by the National Bank of Georgia.

Georgian Government will subsidize health insurance

Georgian Government and insurance companies have signed an agreement which includes the initiative of President of Georgia, Mikheil SAAKASHVILI, about the accessibility of population to health insurance.