In 2023, the life insurance premiums increased compared to the same period of 2022 (GEL 74.9 million) and reached GEL 90 million.
Last year, "TBC Insurance" was the leader by life insurance premium volume and holds almost half (48%) of the market that amounted to GEL 42.8 million.
"Aldagi" was the second place with GEL 28.4 million and occupied 32% of the market. The third and fourth places were occupied by "Imedi L" and "GPI" with GEL 7.8 million and GEL 4.1 million respectively. "Irao" completes the top five with GEL 2.3 million of premiums and holds only 2% of the market.
At the end of 2023, the profit of insurance companies amounted to GEL 248.5 million, net profit - GEL 73.5 million against GEL 210 million and GEL 39 million last year.
In 2023, the insurance premiums raised from direct insurance activities stood at GEL 1 063,6 million. The insurance profit of insurers was GEL 248,5 million, the net profit stood at GEL 73,5 million.
19% of Georgians use medical insurance, 7% of registered vehicles are insured.
As of December 31, 2023, 18 insurance companies licensed to sell life and non-life insurance were registered in the country.
