The insurance sector's revenue increased to GEL 1 billion 260 million in 2024, which was 200 million more than in 2023, - according to Davit Onoprishvili, Head of the State Insurance Supervision Service of Georgia.
As of his assessment, the insurance sector is growing. Over the past 5 years, insurance premiums, or the income of insurance companies, have doubled, which means that consumers are actively involved and the demand for various products is increasing.
“The income of the insurance sector in 2024 amounted to GEL 1 billion 260 million, which was GEL 200 million more than last year. This is due to the following factors: people have more faith in insurance products, health insurance has become more expensive . The health insurance sector is not very profitable for insurance companies, but prices themselves are increasing in the healthcare sector, so the price changes are reflected in healthcare insurance. There is a significant increase in healthcare, as well as property insurance and car insurance.
Competition is also high, we are a small country and 19 companies in the market are a matter of quite serious competition, which is good for the consumer, because when competition is high, the consumer looks for quality and low prices in this case,” said David Onoprishvili.
Insurance market review for 2024 has not yet been published on the website of the State Insurance Supervision Service of Georgia.
