Insurance companies in Georgia have reported a net profit of GEL 115 million for the first nine months of 2024. This figure represents a significant 1.8x jump from the same period last year, as detailed by the State Insurance Supervision Service.
Key Revenue Highlights
Insurance providers generated an impressive GEL 243 million in total revenue during the reporting period. A major contributor was the sharp rise in insurance premiums, which reached GEL 983 million—a 20% increase compared to last year.
The surge reflects both growing consumer demand and insurers’ ability to tap into new market opportunities. For stakeholders, the numbers signal an optimistic outlook for the industry.
Breakdown of Top Insurance Services
Among various offerings, five categories emerged as dominant contributors to premium revenues:
- Medical (health) insurance: GEL 428 million
- Land vehicle insurance: GEL 192 million
- Property insurance: GEL 111.8 million
- Life insurance: GEL 81.2 million
- Civil liability insurance: GEL 61.7 million
Health insurance accounted for the largest share of premiums, reflecting its critical importance in Georgian households. Meanwhile, vehicle and property insurances highlighted the rise in asset protection as disposable incomes improve.
Industry Assets and Market Players
The insurance sector’s total assets have reached GEL 1.32 billion, underscoring its solid financial foundation. The market currently includes 19 licensed companies, offering services ranging from life insurance to non-life categories such as property and liability insurance.
For comparison:
| Insurance Type | Premiums (GEL) |
|---|---|
| Medical (Health) | 428 million |
| Land Vehicle | 192 million |
| Property | 111.8 million |
| Life | 81.2 million |
| Civil Liability | 61.7 million |
This table provides a snapshot of the insurance landscape, showcasing which segments are driving growth.
What This Means for the Economy
The insurance industry’s performance not only reflects its resilience but also hints at a broader economic recovery in Georgia. With premiums on the rise and a diverse portfolio of offerings, the sector is well-positioned to adapt to emerging trends and consumer preferences.
It’s worth noting that regulatory measures and competitive dynamics will play a critical role in shaping future growth. As companies continue to expand, their ability to innovate and meet customer expectations will determine long-term profitability.
