Insurance company Ardi, one of the top 5 insurers in Georgia in 1Q2022, signed an investment agreement with the multinational investment fund Gazelle Finance, as a result of which the fund became a strategic shareholder of Ardi, Business Georgia.reports.

The insurance sector of Georgia has been waiting for the approval of the draft law on MTPL introduction for more than three years now. This draft law was registered in Parliament on December 31, 2018, but discussion has not yet begun. Experts expect the process to start this year, Business Georgia wrote.

High inflation (13%), affecting the Georgian economy like almost all others, has determined rising prices for products and services, insurance included. Thus, insurance products' prices have risen by about 10-15%, according to the CEO of the insurance company Global Benefit, Nino KOBAKHIDZE, Business Georgia wrote.

According to the 1Q2022 results, the Georgian insurance market grew by 14.75% y-o-y, total GWP reached GEL 267.60 million (EUR 77.57 million), according to the Georgian Insurance Supervision Service.

For the period from January to March 2022, net profit of the Georgian insurance sector (18 insurers) decreased by 2.8 times y-o-y and amounted to GEL 4.7 million/EUR 1.36 million (vs GEL 13.5 million a year earlier), writes Business Georgia.

Speaking about the results of the insurance market for the first quarter of 2022, the head of the Georgian Insurance Association, Devi KHECHINASHVILI, noted: "The main thing that can be said about the data for the first quarter is that we are holding on. Further, it will also be difficult, and transition to the post-COVID period will not be easy," Business Georgia wrote.

In 2021, GWP of Georgian insurers increased by 16% to GEL 772 million (~EUR 220 million), but the profit practically did not grow, as the Head of the Insurance Supervision Service David ONOPRISHLVILI noted, Business Georgia wrote.

Of the total GWP of Georgian insurance companies for 2021 in the amount of GEL 772.2 million (EUR 220 million), GEL 305.5 million came from healthcare, Business Georgia wrote.

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.

As of September 30, 2021, profit of the Georgian insurance sector amounted to GEL 131.2 million (EUR 36 million*), net profit - GEL 31.9 million, which is 14% less y-o-y (as of 30.09.2020, net profit of the insurance sector was GEL 44.3 million), Business Georgia wrote according to the data of the Insurance Supervision Agency.

At the end of the third quarter of 2021, the Georgian insurance market recorded an increase of more than 18% y-o-y (in local currency), increasing to GEL 606.74 million (EUR 166.65 million), according to the data published by the Georgian Insurance Supervision Service.

Premiums paid by clients of insurance companies in Georgia amount to only 2% of GDP, which is about 4 times less than the world average. As Soso ARCHVADZE, an expert in statistics, noted, if Georgia on average lags behind the development level of the world economy by 10-15%, then its lag in the insurance segment is much higher, Business Georgia reports.

For the first half of 2021, Georgian insurers collected premiums in the amount of GEL 446 million (~EUR 119 million*), 40% of which were generated by the companies affiliated with commercial banks, Business Georgia reports.

Currently, in Georgia, real estate is insured only for 6.9% of the population, since no one insures property voluntarily - mainly clients of insurance companies in this segment are legal entities or buyers of apartments in the primary real estate market who received mortgage loans and are required to purchase insurance, Business Georgia writes.

The Georgian insurance market ended 1H with an increase of 19% y-o-y, GWP reached GEL 448.64 million (EUR 119.29 million), according to the data published by the Georgian Insurance Supervision Service.

The first six months of 2021 the Georgian insurance market ended with a decrease in profits, Trend reports referring to the National Bank of Georgia.

The Government of Georgia is considering introduction of a mandatory unemployment insurance mechanism in the country, under the new Social Code, which has been officially announced recently, Trend reports with reference to Georgian media.

At the end of the first quarter of 2021, the Georgian market increased by 10.47% to GEL 233.20 million (EUR 58.24 million), according to the data published by the Georgian Insurance Supervision Service.

Insurance brokers of Georgia ended 2020 with a total intermediated Premiums worth GEL 71.2 million, up by 37.4% y-o-y. In relation to the market total GWP, mediated premiums by brokers accounted for about 10.6%, up from 8.3% the previous year, data published by the market authority show.

At the end of 2020, the Georgian insurance market grew by 6.76% to GEL 667.28 million (EUR 165.85 million), with both insurance sectors increasing: non-life - by 6.48% and life - by 10.33%, according to data published by the Georgian Insurance Supervision Service.