The insurance industry grew by 20% in 2024, - the First Deputy Head of the State Insurance Supervision Service spoke about this in the TV program "Business Morning".
"Last year, the industry was worth of billion and continues to grow. Despite the fact that we have a shortage of mandatory products on the market today, the industry grew by about 20%," - Tutarashvili told BMG.
The full statistics for last year have not yet been published, but in 9 months, the insurance sector attracted GEL 983 million in premiums, which is an annual increase of 20%. The profitability of the sector has also grown, and the net profit of insurers in 9 months amounted to GEL 115 million. Despite the improved indicators, some market representatives told BM.GE that the market growth is mainly due to the increase in the price of policies. In addition, representatives of the sector do not rule out that the unstable environment in the country and isolation from the West will negatively affect the insurance market in the future.
