The premiums attracted by the insurance companies in 9 months of 2023 amounted to GEL 818 million.
From them, the premium collected by insurance companies owned by banks amounted to GEL 351 million.
GPI is the market leader in terms of attracted premiums (GEL 145 million), followed by TBC Insurance (GEL 131 million), Aldagi (GEL 126 million), Imedi L (GEL 77 million), and Ardi "(GEL 76 million).
TBC insurance received premiums worth GEL 40.1 million in ground transport insurance, the company accounts for 26% of the total volume of this market segment. Aldagi is the second with GEL 34.7 million.
The premium in the property insurance reached GEL 96.4 million, Aldagi leads in this segment holding 44% of the market.
For many years, the dominant positions in the insurance market, especially in car and property insurance, have been held by insurance companies owned by banks.
Some insurance companies have been heavily criticized for their connection with banks not only in insurance, but also in other businesses, for this reason a law was passed banning the ownership of non-core assets by banks. But despite this, the problem still remains acute.
The insurance sector have repeatedly tried to force the government to put into effect the law banning non-core assets as ties of insurance companies with the banking sector violates the principles of free competition putting other players in an unequal position.