Georgia

NOTE FROM THE EDITOR
Georgia left the Commonwealth of Independent States (CIS) in 2008. However, only for the ease of categorization, the country is still listed in our publications under the CIS category

Flag_of_Georgia
Flag



Flag_of_Georgia
Location map
author: OCHA/ ReliefWeb


Location:
- Southwestern Asia, bordering the Black Sea, with a sliver of land north of the Caucasus extending into Europe.
- Neighbours: Azerbaijan, Armenia, Turkey, Russia.

Climate:
- warm and pleasant;
- Mediterranean-like on Black Sea coast.

Natural hazards:
- earthquakes.

Macro indicators
* 2018 estimates
Surface:69,700km2
Population*:3.7million
Pop. density*:53.2people/km2
GDP*:13.5EUR billion
GDP/capita*:3,632.2EUR

Currency: Lari
Code: GEL
Since: 1995


Insurance market portfolio
* 2018 estimates
TOTAL LIFE*:7%
TOTAL NON-LIFE*:93%
Overall Property*:16%
Overall Motor*:24%

Sources:



 


The 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.







STATISTICS: 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%.











GEORGIA: Demand for private health insurance has dropped significantly

As of now, approximately 50,000 private health insurance policies are effective on the Georgian insurance market. At the same time, the demand for private policies has significantly decreased after introduction of the state insurance system, as noted by the President of the Insurance Association Devi Khechinashvili,