Georgia
GEORGIA: ARDI: in 2025, prices in life may rise by 10-12%, and in motor insurance by 15%
The cost of insurance in Georgia in 2025 may increase by more than 10%. According to the CEO of ARDI, which is a major player in the market, businesses will have to increase prices for life and motor insurance by 10 to 15% due to inflation, Business Georgia writes.
17 March 2025GEORGIA: Vehicle owners may be required to purchase third-party liability insurance
According to the Chairman of Insurance State Supervision Service of Georgia David Onoprishvili, vehicle owners in Georgia may be required to purchase third-party liability insurance. This project will be submitted to parliament immediately after the opening of the spring session, will be adopted before July 1, 2025, and will enter into force on January 1, 2026, Sputnik Georgia reports.
27 January 2025GEORGIA: In December, David Onoprishvili was elected as a member of the executive committee of the International Association of Insurance Supervisors
On December 5, 2024 during the meeting of the Executive Committee (ExCo) of the International Association of Insurance Supervisors (IAIS) held in Cape Town, South Africa, David Onoprishvili, Chairman of Insurance State Supervision Service of Georgia was confirmed as a member of the Executive Committee for a two-year term.
20 January 2025STATISTICS: GEORGIA, 3Q2024: health insurance generates almost 44% of all premiums
According to the Insurance Supervision Service of Georgia, the insurance market grew by 20.12% in the first three quarters of 2024, amounting to GEL 982.57 million (EUR 322.37 million).
9 December 2024The Georgian Evening in Baden Baden, business and friendship
The Baden Baden Meeting 2024 hosted an evening dedicated to the Georgian insurance market. International business peers of the Georgian insurers had the opportunity to meet the Georgian insurance professionals and also get the latest issue of the XPRIMM Insurance Profile Georgia FY2023 and 1H2024.
24 October 2024GEORGIA: Compulsory civil liability insurance of vehicle owners to contribute to the insurance sector’s development
The Georgian government is going to initiate a bill providing for compulsory civil liability insurance of vehicle owners, Business Georgia writes.
11 September 2024STATISTICS: GEORGIA, 1H2024: health insurance generates 48% of all GWP
According to the Georgian Insurance Supervision Service, at the end of 1H2024, the insurance market grew by 20.44%, amounting to GEL 711.77 million (EUR 236.61 million).
11 September 2024GEORGIA: Investment holding to manage three largest insurance companies
Investment holding Sakartvelos Capital (Georgia's Capital) has merged three largest insurance companies - Aldagi, Imedi L and Ardi are already managed by one company, Business Georgia writes.
4 September 2024STATISTICS: GEORGIA, 1Q2024: health insurance generated 53% of all premiums
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).
17 June 2024GEORGIA: introduction of compulsory insurance for tourists postponed
The introduction of compulsory health and accident insurance for tourists coming to Georgia is planned to be postponed until January 1, 2026. A draft suspending application of this clause of the law until the end of 2025 has been submitted to parliament, Report writes.
11 June 2024GEORGIA: In 2023, the number of insured air vehicles decreased by 13%
In 2023, the number of insured air vehicles in Georgia amounted to 84 units, which is 13% less y-o-y, according to the financial reports of insurance companies, commersant wrote.
30 April 2024STATISTICS: GEORGIA, FY2023: market exceeded GEL 1 billion
According to the Georgian Insurance Supervision Service, the market in 2023 amounted to GEL 1.06 billion (EUR 357.47 million/+13.35%), which is almost 17% more y-o-y. Insurers’ paid claims reached GEL 614.29 million (EUR 206.46 million/+20.29%), which indicates an increase of 24%.
17 April 2024David Onoprishvili appointed as the head of the Georgian State Insurance Supervision Service for a new 5 years mandate
David Onoprishvili was appointed, by decree of the Georgian Government, for a new mandate of 5 years at the top of the Georgian State Insurance Supervision Service, starting February 12, 2024.
29 February 2024GEORGIA: The insurance market has doubled in 5 years
According to preliminary estimates, in 2023 the insurance market in Georgia exceeded GEL 1 billion (~EUR 0.33 billion). The insurance profit of 18 companies amounted to GEL 250 million, which is 19% more than in 2022, commersant wrote.
25 January 2024GEORGIA: the number of unprofitable insurance companies halved in 2023
In 2023, the Georgian insurance market showed slight growth, although overall the indicators did not change much. Positive dynamics was observed; the experts note that the insurance sector is returning to its pre-pandemic state, according to the head of the Insurance Association of Georgia, Devi Khechinashvili, Business Georgia repots.
9 January 2024GEORGIA: the number of insured air vehicles is 63 units
According to financial reports of Georgian insurance companies, the number of insured air vehicles in Georgia is 63 units, which is 15 units less than in 2022, Business Georgia reports.
18 December 2023STATISTICS: GEORGIA, 3Q2023: total profit of the insurance sector increased by 21.6%
At the end of 3Q2023, the Georgian insurance sector grew by 16.11%, reaching GEL 817.99 million (EUR 287.80 million), according to the Georgian Insurance Supervision Service.
12 December 2023GEORGIA: Ardi: health insurance accounts for 50% of insurance business in the country
The most common type of insurance in Georgia is health insurance, which accounts for 50% of the insurance business. At the same time, it is necessary to introduce compulsory insurance in the country, according to the general director of the Ardi insurance company, Mikhail Japaridze, Business Georgia wrote.
27 November 2023GEORGIA: the head of Global Benefit Georgia believes that MTPL introduction will expand the insurance sector to GEL 2.5 billion
The draft law on MTPL will soon be submitted to parliament for consideration. According to the Insurance Supervision Service, after the introduction of compulsory insurance, companies will compensate expenses to victims of road accidents in the amount of up to GEL 35,000 (~EUR 12,191), Business Georgia writes.
25 September 2023GEORGIA: Devi Khechinashvili: the sector has problems that significantly hinder growth
In January-June 2023, the net profit of the Georgian insurance sector amounted to GEL 34.3 million (EUR 11.99 million), which is GEL 24 million more than in the same period last year, Business Georgia wrote. The head of the Association of Insurers, Devi Khechinashvili, speaking about the 1H results, said that the sector has problems that significantly hinder growth.
18 September 2023
