Georgia Insurance Industry – Key Trends and Opportunities to 2028

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Georgia Insurance Market Report Overview

The gross written premium (GWP) of the Georgia insurance market was GEL1 billion ($395.4 million) in 2023. Looking ahead, the industry is projected to continue its upward trajectory, with a CAGR of more than 13% during 2024-2028. The Georgia insurance market research report provides in-depth market analysis, information, and insights into the Georgia insurance industry. It provides values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period.

Georgia Insurance Market Outlook, 2023-2028 (GEL Billion)
Georgia Insurance Market Outlook, 2023-2028 (GEL Billion)Buy the Full Report for More Insights into the Georgia Insurance Market Forecast
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The Georgia insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of Georgia’s economy and demographics. It further evaluates the competitive landscape, which entails information on segment dynamics, competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations and recent changes in the regulatory structure.

Market Size (2023) GEL1 billion ($395.4 million)
CAGR (2024-2028) >13%
Forecast Period 2024-2028
Historical Period 2019-2023
Key Segments ·       General Insurance

·       Life Insurance

Key Companies (General Insurance) ·       GPI Holding

·       Aldagi

·       TBC Insurance

·       Ardi

·       IRAO

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Georgia Insurance Market Trends

Mandatory motor third-party liability insurance and the growing importance of travel insurance are a few of the market trends influencing the Georgian insurance sector.

In January 2024, the GIA implemented mandatory motor third-party liability insurance for all vehicle owners in the country. The policies will initially be priced using fixed tariffs determined by the type of vehicle and motor size. Following a three-year trial period, the industry will utilize driving statistics accrued during this trial to determine policy prices. It will be based on each driver’s risk profile.

Likewise, the Georgian government is implementing minimum requirements for travel insurance aiming to ensure that all travelers are financially covered against unforeseen medical emergencies.

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Georgia Insurance Market by Segments

The key segments in the Georgia insurance market are life insurance and general insurance. The general insurance sector dominates the total insurance industry’s GWP in 2023. The growth of the Georgia general insurance industry is supported by PA&H and motor insurance policies.

Georgia Insurance Market Analysis by Segments, 2023 (%)
Georgia Insurance Market Analysis by Segments, 2023 (%)
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Georgia Insurance Market – Competitive Landscape

In 2023, GPI Holding was the leading Georgia general insurance provider

A few of the key companies in the Georgia insurance market are:

  • GPI Holding
  • Aldagi
  • TBC Insurance
  • Ardi
  • IRAO

GPI Holding offers health, property, motor, and travel insurance products. GPI Holding was founded on May 8, 2001, as Georgia’s first private pension fund.

Georgia General Insurance Market Analysis by Companies, 2023 (%)
Georgia General Insurance Market Analysis by Companies, 2023 (%)
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Georgia Insurance Market – Latest Developments

  • On May 7, 2024, the Financial Action Task Force published a report detailing the country’s advancements in enhancing anti-money laundering and counter-terrorist financing measures.
  • On April 25, 2024, the United Nations Environment Programme introduced a new platform, Forum for Insurance Transition to Net Zero, aiming to expedite the insurance sector’s voluntary shift toward net-zero emissions, replacing the former Net-Zero Insurance Alliance.

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Georgia Insurance Market Segments Outlook (Value, GEL Billion, 2019-2028)

  • Life Insurance
  • General Insurance

Scope

This report provides a comprehensive analysis of the Georgia insurance industry:

  • It provides historical values for Georgia’s insurance industry for the report’s 2019–23 review period, and projected figures for the 2024–28 forecast period.
  • It offers a detailed analysis of the key categories in the Georgia insurance industry and market forecasts for 2028.
  • It profiles the top life insurance companies in Georgia and outlines the key regulations affecting them.

Key Highlights

  • Key insights and dynamics of Georgia’s insurance industry.
  • A comprehensive overview of the Georgia economy, government initiatives, and investment opportunities.
  • Georgia’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
  • Georgia’s insurance industry’s market structure gives details of lines of business.
  • Georgia’s reinsurance business’s market structure gives details of premium ceded along with cession rates.

Reasons to Buy

  • Make strategic business decisions using in-depth historical and forecast market data related to Georgia’s insurance industry, and each category within it.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in the Georgia insurance industry.
  • Assess the competitive dynamics in the Georgia insurance industry.
  • Identify growth opportunities and market dynamics in key product categories.

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Life Insurance: Trends and KPIs

General Insurance: Trends and KPIs

General Insurance: LoB

Competitive Landscape

Reinsurance

Appendix

Frequently asked questions

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