7% of vehicles registered in Georgia are insured, as per the 6-month overview of the insurance market published by the Insurance Supervision Service.
The number of land vehicle insurance policies (except rail transport) is increasing. In particular, as of June 30, 2024, the number of active policies reach 133,540, in the same period of last year- 121,512 policies, as of June 30, 2022 - 108,486 ones.
Land vehicle insurance is in the second position after health insurance by the amount of attracted premium. The premium attracted in the first half of the year stood at GEL 132 million.
The companies’ premium volume and market share in the land vehicle insurance for 6 months look like this:
"TBC" - premium volume of 30.5 million, market share 23%;
"Aldagi" - premium volume of 27.3 million, market share 21%;
"GPI" - premium volume of 16.3 million, market share 12%;
"New Vision" - premium volume of 10.9 million, market share 8%;
"PSP" - premium volume of 7.4 million, market share 6%.
In 6 months of the current year, insurance companies earned GEL 145 million in profit, the net profit amounted to GEL 67 million that is 2 times higher than in the same period of last year (34 million).
