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).

Non-life insurance continues to dominate the market (over 92% of GWP). More than half of all market premiums (53%) came from health insurance, where insurers collected GEL 211.60 million. In terms of share in the market portfolio motor insurance ranks second.

Life insurance accounted for a little more than 7%, while its growth rate at the end of the quarter was at 25%.

Paid claims of insurers increased significantly y-o-y – by 43%, reaching GEL 182.12 million (EUR 62.66 million). The largest amounts were paid in health insurance and motor insurance.

Of the 18 companies operating on the market at the end of 1Q2024, GPI Holding is the leader in terms of premiums (GEL 80.17 million). TBC moved up to second position from third a year earlier, displacing Imedi L to third.

Access xprimm.com and download the latest Georgian insurance market statistics for 1Q2024 in EUR and GEL.