According to data from the Insurance State Supervision Service, Georgia’s insurance sector grew by 15% in the first quarter of 2026. The general director of ARDI, Mikheil Japaridze, attributes much of this growth to the introduction of mandatory insurance for foreign tourists.
Since January 1, 2026, all foreign visitors are required to hold travel health insurance while in Georgia. Japaridze says this new product could generate GEL 30–40 million in additional annual revenue for the sector. He notes, however, that many tourists still purchase insurance from foreign companies, reducing the potential benefit for local insurers. Had legislation required tourists to buy Georgian-issued policies, the market could have gained up to GEL 100 million, he argues.
Despite the missed potential, Japaridze says the reform is still a meaningful boost for the industry. He expects Georgian insurers to report strong first-quarter financial results, largely driven by this new mandatory product.
The insurance sector has now surpassed GEL 1 billion in annual revenue for two consecutive years, reaching GEL 1.4 billion in premiums in 2025. Over the past decade, the market has expanded by nearly 300%, and regulators report continued rapid growth in 2026.
