The volume of premiums attracted by the insurance sector exceeded GEL 1 billion in 11M23, which was 15% more than the data of the same period of the previous year. According to the report, the growth was due to the significant increase in premiums collected from medical insurance, as well as auto and life insurance.
As of 11M2023, the volume of compensated losses amounted to GEL 630 million and had an increase of 27%. The net compensated loss totaled to GEL 445 million, which was 20% more than the data of the previous year.
Companies' insurance profit amounted to GEL 250 million and increased by 19%. According to the data, the net profit was 70 million and it has increased by 79% compared to the same period of the previous year.
As of December 31, the assets of insurance companies amounted to GEL 1,310 million, which was 18% more compared to the same date of the previous year, and the capital increased by 11% and amounted to GEL 380 million.
As of December 31, 2023, there are 18 insurance companies registered in the country that hold life and non-life insurance licenses.
