Total revenue rose from GEL 76 million to GEL 94 million over the year. According to statistics, total assets of insurance companies amounted to GEL 1.80 billion (~EUR 0.58 billion) vs GEL 1.67 billion in 2025.
1Q2026 results show that the market not only grew but also strengthened its position in several areas. Sales are growing, company revenues are increasing, and the industry's financial stability is strengthening. This makes the sector one of the most stable segments of the financial system.
Health insurance remains the key growth driver. At the same time, interest in life and motor insurance is improving. However, it is the motor segment that currently displays the most noticeable contrast between business success and the actual situation among the population.
Although insurers collected GEL 93 million in motor insurance, only 8% of registered vehicles are covered. Motor Hull and motor insurance itself remains highly concentrated. TBC Insurance led the way in GWP, collecting GEL 17.3 million and controlling approximately 18% of the market, followed by Benefit Insurance with GEL 16 million and Aldagi with GEL 15.7 million. New Vision Insurance and GPI Holding also made the top five. The remaining companies account for approximately a fifth of all premiums.
At the same time, insurance penetration among population remains extremely low. This means that the industry is effectively growing supported by a limited number of clients, while a huge segment of the population does not use financial protection tools. On the one hand, the insurance sector is becoming stronger and can more effectively cover business and individual risks without placing an additional burden on the state. On the other hand, millions of vehicle owners continue to live in conditions of high financial vulnerability.
Therefore, the market results can be seen as an indicator of enormous untapped potential. While insurers' profits are growing at double-digit rates, the level of insurance culture remains one of the key challenges for the country. If the situation begins to change, the market will receive a new impetus for growth, the source added.
* 1 EUR = 3.1032 GEL (March 31st 2026)
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