David Onoprishvili, Head of the State Insurance Supervision Service of Georgia, stated on Commersant radio that insurance premium volume (total revenue for insurance companies) has grown by 17-18% in recent years. He also mentioned a growth trend in insurance profits.
"In his words, there is a growth trend also towards the profitability of the insurance industry.
'According to preliminary data for 9 months, insurance premium collections are also growing this year and are within the range of 12-13%. In general, I want to note that in recent years, insurance premium collections, meaning the total income of an insurance company, have been increasing by 17-18%. As I already mentioned, for the last 9 months, this figure is 12-13% and is within the range of GEL 1 billion 100 million. By the end of 2023, the annual income of insurance companies exceeded 1 billion lari for the first time, and for the 9 months of 2025, this is even more than the figure for the entire year 2 years ago. The profit of the insurance industry has also grown – according to data for 9 months, it amounts to GEL 272 million, whereas for the same period last year it was GEL 243 million,' says Onoprishvili."
According to the head of the Insurance State Supervision Service of Georgia, competition in the insurance sector is quite high.
"In countries like ours, there are no more than 10-12 insurance companies, and we have 19 insurance companies operating in the market. This is good for the population – competition is high, everyone strives to provide the highest quality services, and price competition is also high," noted Davit Onoprishvili.
