In 2024, GWP collected by insurance companies in Georgia reached GEL 1.25 billion (EUR 429.74 million), which is 18.41% more y-o-y, as the data published by the Insurance Supervision Service of Georgia show.

According to the Insurance Market Review, last year insurance profit of insurers amounted to GEL 307 million, and net profit – GEL 127 million.

Among the key insurance classes, the largest GWP increase was recorded in health and motor insurance. Health insurance increased by 19.46%, and Motor Hull (excluding railway) amounted to GEL 256.25 million, which is 24.96% more y-o-y.

“20% of the Georgian population has health insurance, and 7% of vehicles registered in Georgia are insured”, the review says.

In 2024 Georgian insurance companies paid out a total of GEL 759.69 million (EUR 259.23 million), which is 23.67% more than in 2023.

As of the end of 2024, there were 19 insurance companies operating on the market, among which GPI is the leader in terms of GWP. TBC and Aldagi rank second and third, respectively. It is worth noting that only these three companies have double-digit market shares. At the same time, the TOP 3 in terms of paid claims include GPI (GEL 122 million), BB Insurance (GEL 115 million) and TBC (GEL 97 million).

Access xprimm.com and download the latest Georgian insurance market statistics for FY2024 in EUR and GEL.