Georgia’s insurance sector is in a dynamic phase of development. According to David Onoprishvili, head of the State Insurance Supervision Service, the market’s revenue, which was just 360 million GEL a decade ago, is approaching 1.5 billion GEL this year.
He notes that the Georgian insurance market has been growing faster than in many European countries. Post-pandemic growth reached 17–18%, and this year the sector is expected to expand by 12–13%.
“In recent years, the market has grown very intensively. In fact, it doubles roughly every five years. Considering that insurance premiums were about 360 million GEL in 2015, we expect 1.5 billion GEL this year. This is a significant increase,” Onoprishvili said.
Onofrishvili explains that in some cases, lower profit growth reflects insurance companies’ investments in technological development and capital expansion.
Regarding one of the sector’s most pressing issues — mandatory third-party liability insurance for vehicle owners — Onoprishvili says the draft law is nearly ready. Its adoption will not only expand the market but also enhance social protection for the population. He also highlighted potential growth areas for mandatory schemes, such as life and property insurance.
He stressed that in developed countries (Europe, the U.S., Japan), insurance is an integral part of life, while in Georgia, significant work remains, especially in property insurance.
“In Europe, people feel considerable discomfort if something is uninsured. Insurance guarantees that financial losses from unforeseen events will not affect you. In Georgia, many still see home insurance as an unnecessary expense, even though it is affordable,” Onoprishvili said.
Finally, he noted ongoing work with the Ministry of Health on introducing “bundled” insurance packages, which will allow companies to manage larger groups and improve service quality.
