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Georgia

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Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Georgia Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Georgia includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Georgia can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Global Statistics Regulatory Alerts Market Profiles Insight Compliance Compliance Point Clinical Trials Axco API Insight Risk Manager

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
latest GWP
Insurance Penetration (%)
GMT+4
Tbilisi
GEL
3.90 mn
3.58
4.02%
223.97 (mn)
1.28

Georgia is bordered by the Caucasus Mountains and the Russian Federation, Azerbaijan, Armenia and Turkey. It has a length of coast on the Black Sea that was reduced with the loss of territory to the breakaway region of Abkhazia.

Its insurance market is a small to medium-sized emerging market. As in some other post-Soviet economies, insurance culture and product penetration remains quite low, especially in the consumer segment. There are only a small number of P&C compulsory insurances and, unusually, motor third party liability is not a compulsory type other than for foreign-registered vehicles entering Georgia. All of the 17 active insurers in the supervisory authority's register in August 2019 hold a licence to write non-life business and 16 of them also have a life licence and are thus composite. One company writes only non-life.

Only a very limited range of life products is available at present. The main products sold are term life, and unlike many other countries of the former Soviet Union, individual endowment products are not a feature of the Georgian life market and the capital markets and stock exchange are not sufficiently developed to support more sophisticated products such as unit-linked policies.

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