The risk management and insurance company Global Benefits Georgia has insured an unprecedented construction project of Orbi Group and Block LLC "Central Park Tower". The investment volume of the construction project is 300 million US dollars. Total premium of Global Benefits Georgia's insurance package is 1 million Gel (~EUR 350.877).

The share of insurance in Georgia's GDP is just over 1%, which is 2-3 times less than in Eastern European countries, while in developed countries this figure is even higher - about 6-7%, as stated by the head of the State Insurance Supervision Service David ONOPRISHVILI, Business Georgia writes.

In 2022, total profit of the insurance sector amounted to GEL 210.3 million (EUR 72.90 million), while net profit slightly decreased to GEL 39.2 million from GEL 40 million in 2021, Business Georgia.reports.

As of now, only 18% of the population in Georgia uses private health insurance, according to the state insurance supervision service, Business Georgia wrote.

The Georgian insurance market ended 2022 with GEL 909.63 million (EUR 315.36 million), which is almost 18% more y-o-y in local currency, according to the Georgian Insurance Supervision Service.

Independent insurance companies have repeatedly taken an initiative to limit the banks' ownership of insurance companies at the legislative level, but this initiative has not yet yielded results, Archil Morchiladze, head of the Insurance Group of Georgia and co-chairman of the Insurance Union, said, Business Georgia reports.

According to the 3Q2022 results, the Georgian insurance market grew by 16.11% y-o-y, reaching GEL 704.48 million (EUR 256.34 million), according to the Georgian Insurance Supervision Service.

The leading property and casualty ("P&C") insurance company in Georgia, Aldagi further expands its business towards underwriting inwards reinsurance in the region. By doing this, Aldagi sets a precedent for the Georgian industry, being the first insurance company in the market that will also function as a reinsurer.

Introduction of the Estonian income tax model for the insurance sector in Georgia has been postponed for one year, as Georgian Economy Minister Levan Davitashvili said, Business Georgia wrote.

In the first half of 2022, net profit of the Georgian insurance sector amounted to GEL 10.3 million (~EUR 3.30 million), which is 42% less than a year earlier in the same period, Business Georgia wrote.

Since September Georgians can save up to 30% when purchasing or renewing their motor insurance with GPI Holding. When purchasing a motor insurance package with a Mastercard card, 20% of the amount will be returned in the form of cashback, in addition, a 10% discount is offered by Jipay, gpih.ge wrote.

Insurance company Green Insurance Georgia has placed Class B 9,000,000 shares for trading on the Georgian Stock Exchange. The nominal value of one share is 1 GEL, as the company recently informed on its website.

According to the financial reports of Georgian insurance companies, the number of insured vehicles in the country makes only 7% of the total fleet, or 108,486 units, Business Georgia wrote.

According to the 1H2022 results, the Georgian insurance market grew by 12.49% y-o-y, total GWP reached GEL 504.67 million (EUR 163.74 million), according to the Georgian Insurance Supervision Service.

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.