The Georgian insurance market ended the first quarter of 2023 with GEL 325.45 million (EUR 116.81 million), which in local currency is almost 22% more y-o-y, according to the Georgian Insurance Supervision Service.

The share of non-life insurance in the market portfolio remained virtually unchanged; it continues to dominate, occupying about 93%. Among the non-life classes, double-digit growth can be noted for almost all except GTPL (+2.43%). On the other hand, a decrease was recorded in accident and property insurance.

Life insurance also demonstrated double-digit growth rates, although its share in total premiums decreased slightly to 7.26%.

Paid claims increased by more than 15%, reaching GEL 127.22 million (EUR 45.66 million). However, only non-life continues to support the uptrend in paid claims, while in life insurance insurers paid out 23% less y-o-y.

At the end of 1Q2023, there were 18 companies operating in the market. GPI Holding holds the lead in terms of GWP (GEL 67.87 million). Imedi L (GEL 48.71 million) keeps the second place, and TBC Insurance closes in the top 3.

Access xprimm.com and download the latest Georgian insurance market statistics for 1Q2023 in EUR and GEL.