Total revenue of the Georgian insurance sector in 2024 increased to GEL 1.26 billion (~EUR 0.43 billion), which is GEL 200 million more than in 2023, as stated by the Chairman of the Insurance State Supervision Service of Georgia David Onoprishvili, Business Georgia writes.

The cost of insurance in Georgia in 2025 may increase by more than 10%. According to the CEO of ARDI, which is a major player in the market, businesses will have to increase prices for life and motor insurance by 10 to 15% due to inflation, Business Georgia writes.

According to the Chairman of Insurance State Supervision Service of Georgia David Onoprishvili, vehicle owners in Georgia may be required to purchase third-party liability insurance. This project will be submitted to parliament immediately after the opening of the spring session, will be adopted before July 1, 2025, and will enter into force on January 1, 2026, Sputnik Georgia reports.

On December 5, 2024 during the meeting of the Executive Committee (ExCo) of the International Association of Insurance Supervisors (IAIS) held in Cape Town, South Africa, David Onoprishvili, Chairman of Insurance State Supervision Service of Georgia was confirmed as a member of the Executive Committee for a two-year term.

According to the Insurance Supervision Service of Georgia, the insurance market grew by 20.12% in the first three quarters of 2024, amounting to GEL 982.57 million (EUR 322.37 million).

The Baden Baden Meeting 2024 hosted an evening dedicated to the Georgian insurance market. International business peers of the Georgian insurers had the opportunity to meet the Georgian insurance professionals and also get the latest issue of the XPRIMM Insurance Profile Georgia FY2023 and 1H2024.

The Georgian government is going to initiate a bill providing for compulsory civil liability insurance of vehicle owners, Business Georgia writes.

According to the Georgian Insurance Supervision Service, at the end of 1H2024, the insurance market grew by 20.44%, amounting to GEL 711.77 million (EUR 236.61 million).

Investment holding Sakartvelos Capital (Georgia's Capital) has merged three largest insurance companies - Aldagi, Imedi L and Ardi are already managed by one company, Business Georgia writes.

According to the Georgian Insurance Supervision Service, at the end of the first quarter of 2024, the insurance market grew by 22.21% in local currency, amounting to GEL 397.73 million (EUR 136.85 million).

The introduction of compulsory health and accident insurance for tourists coming to Georgia is planned to be postponed until January 1, 2026. A draft suspending application of this clause of the law until the end of 2025 has been submitted to parliament, Report writes.

In 2023, the number of insured air vehicles in Georgia amounted to 84 units, which is 13% less y-o-y, according to the financial reports of insurance companies, commersant wrote.

According to the Georgian Insurance Supervision Service, the market in 2023 amounted to GEL 1.06 billion (EUR 357.47 million/+13.35%), which is almost 17% more y-o-y. Insurers’ paid claims reached GEL 614.29 million (EUR 206.46 million/+20.29%), which indicates an increase of 24%.

David Onoprishvili was appointed, by decree of the Georgian Government, for a new mandate of 5 years at the top of the Georgian State Insurance Supervision Service, starting February 12, 2024.

According to preliminary estimates, in 2023 the insurance market in Georgia exceeded GEL 1 billion (~EUR 0.33 billion). The insurance profit of 18 companies amounted to GEL 250 million, which is 19% more than in 2022, commersant wrote.

In 2023, the Georgian insurance market showed slight growth, although overall the indicators did not change much. Positive dynamics was observed; the experts note that the insurance sector is returning to its pre-pandemic state, according to the head of the Insurance Association of Georgia, Devi Khechinashvili, Business Georgia repots.

According to financial reports of Georgian insurance companies, the number of insured air vehicles in Georgia is 63 units, which is 15 units less than in 2022, Business Georgia reports.

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 most common type of insurance in Georgia is health insurance, which accounts for 50% of the insurance business. At the same time, it is necessary to introduce compulsory insurance in the country, according to the general director of the Ardi insurance company, Mikhail Japaridze, Business Georgia wrote.

The draft law on MTPL will soon be submitted to parliament for consideration. According to the Insurance Supervision Service, after the introduction of compulsory insurance, companies will compensate expenses to victims of road accidents in the amount of up to GEL 35,000 (~EUR 12,191), Business Georgia writes.