The Insurance Landscape of Georgia: A Market Analysis

Georgia has seen a significant rise in the number of people opting for private medical insurance in recent years. According to the latest statistical data from the State Insurance Supervision Service, 18% of the population, which amounts to 682,152 people, are now enrolled in private medical insurance. This marks a 1% increase from the previous year, where 17% of the population, or 637,953 people, had opted for private medical insurance.

The market leader in the health insurance segment is "Jeepy," with a 26% share of the market. However, its market share has decreased by 2% from the previous year. "Imedi El" and "Ardi" are tied for second place, with each holding an 18% market share. This marks a 2% decrease for "Imedi El" and a 2% increase for "Ardi" from the previous year. "Tibcsia" holds an 8% market share, and "Irao" holds 7%.

In terms of automobile insurance, the Georgian insurance market has seen a steady increase in the number of insured cars over the years. In 2022, 7% of the car fleet, which amounts to 114,447 cars, were insured. This is the same figure as the previous year, where 6% of the car fleet was insured.

The market leader in automobile insurance is "TBS Insurance," with a 30% market share. "Aldagi" and "Jipai" follow closely behind, with market shares of 20% and 14%, respectively. "TBC" has increased its market share by 5%, while "Aldagi" and "GPY" have decreased their market share by 2% and 1%, respectively.

Currently, there are 18 insurance companies operating in Georgia. As the insurance market continues to grow in the country, there is an increasing demand for innovative and comprehensive insurance products. With the insurance landscape of Georgia constantly evolving, it will be interesting to see how insurance companies adapt to meet the changing needs of their customers.