The corporate vehicle insurance segment in Georgia grew just by 5%, a pace considered very low for the sector, according to GPI Holding representatives.
Despite an overall 15% growth in the insurance market in Q1 2026, industry players say several segments are expanding at a slower rate. GPI’s management noted that once state tenders, mandatory coverage for imported vehicles, and bank-related insurance are excluded, underlying market growth is closer to 10%, which they describe as modest.
According to the company, retail auto insurance is growing at a relatively stable pace, while corporate vehicle insurance is almost stagnant. GPI representatives also emphasized the importance of introducing mandatory third-party liability insurance for motorists, arguing that it would significantly increase market penetration and accelerate sector development.
In the first quarter of 2026, Georgia’s insurance companies generated GEL 521 million in gross written premiums, up 15% year-on-year. However, only about 8% of registered vehicles in the country are insured, highlighting the limited penetration of auto insurance in the market.
