Location map
author: OCHA/ ReliefWeb

- Southwestern Asia, bordering the Black Sea, with a sliver of land north of the Caucasus extending into Europe.
- Neighbours: Azerbaijan, Armenia, Turkey, Russia.

- warm and pleasant;
- Mediterranean-like on Black Sea coast.

Natural hazards:
- earthquakes.

Macro indicators
* 2018 estimates
Pop. density*:53.2people/km2
GDP*:13.5EUR billion

Currency: Lari
Code: GEL
Since: 1995

Insurance market portfolio
* 2018 estimates
Overall Property*:16%
Overall Motor*:24%




Georgia FY2019 Market Portfolio

Georgia FY2019 Insurance Companies Rankings

See all statistics

Latest news

GEORGIA: GPI Holding maintains the market leadership position after 3Q2019

GPI Holding, a member of Vienna Insurance Group, maintained its leadership position on the Georgian insurance market, with a 17% market share after 3Q2019. The company reported GWP worth EUR 25.36 million and reinsurance premiums of EUR 4.38 million, while paid claims reached EUR 16.4 million.

IRAO VIG entered Georgian insurance market's Top 5 ranking in 1H2019

Georgian insurer IRAO, member of the Vienna Insurance Group, has reported GWP worth GEL 19.47 million (EUR 5.96 million) in 1H2019, 3.53% up y-o-y, a figure resulting almost entirely from the non-life insurance activity. At the end of June, the company ranked 5th, with a market share of 5.64%, ascending a position in the market hierarchy.

GEORGIA: TBC Insurance was the fastest growing insurer in 2017 and 2018

Georgian TBC Insurance ended 1H2019 with GWP worth GEL 39.3 million (EUR 12.03 million) and a net profit of GEL 5.96 million (EUR 1.82 million), which is 42% up y-o-y, in local currency. The growth rate achieved in GWP was close to 20% (in GEL), which qualifies the company as the fastest growing in the Georgian market in 2017 and 2018.

GEORGIA: adoption of the law on MTPL postponed

The discussion of the MTPL bill, based on which the mandatory motor third party insurance system was supposed to be introduced from July 1, 2019, was postponed for September, as Business Georgia reports.

GEORGIA: MARSH enters local market

MARSH, a global leader in insurance broking and risk management, advising clients in over 130 countries, is beginning operation in Georgia, in partnership with the ARRIBA company, Business Georgia reports.

GEORGIA: GPI Holding - Estonian model will boost insurance business

Applying the Estonian model for profit taxation (insurance companies will not be subject to income tax on reinvested profits) will boost development and growth, according to the General director of GPI Holding, Paata LOMIDZE, reported Caucasus Business Week.