Life Report

Product Insurance Market Reports Life Rev Georgia (1)

Key Highlights

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  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Georgia's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Georgia's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Georgia

The Georgia life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Georgia.  Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Georgia and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Georgia’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Georgia is available.

Axco’s report describes the regulatory framework that applies to the Georgian domestic life insurance sector, including whether non-admitted insurance is permitted in Georgia; as well as the legislation necessary to know regarding Georgia’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Georgia with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Georgian market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.


The report describes the public and private healthcare system in Georgia, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.


Axco reports on the three pillars of Georgian pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Georgia report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Georgia Life and Benefits Report Extract

Below are brief extracts of information from the Georgia Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

Georgia's life market was ranked 145th globally in 2017 and could be considered a small emerging market. As in some other post-Soviet economies, insurance culture and product penetration remains low, especially in the consumer segment. There are no compulsory insurances and no taxation incentives supporting voluntary life and pensions insurance. The Georgian market remains composite with 17 insurers in the regulator's register in August 2019, and 16 of them have a licence to write life business. There were 24 insurance brokers ....


In Georgia a universal state pension (pillar I) is provided by the government but it is generally recognised as being very inadequate. It was last increased effective from 1 January 2019 when an "index-linked" amount of GEL 20 was included in the state budget for 2019 year, bringing the pension to GEL 200 (USD 79). The state pension is a simple flat-rate system financed out of the state budget irrespective of historical employment records or contribution levels.

The Georgian government understood that the level of state provision would remain low ....


Since the collapse of the Soviet Union, Georgia has been seeking to rebuild its healthcare model in order to provide broad coverage and targeting the poor, children, and pensioners, the disabled and other socially vulnerable groups above all. The process has not been easy and included an attempted privatisation process involving insurance companies which was reversed in 2013 after increasing concerns over failings and the potential conflicts of interest for insurers.

The government launched its universal healthcare programme (UHP) in February 2013, the main objective ....

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