Insurance Industry Ends Pandemic Year in Net Profits of GEL 47.6 Million

Despite the COVID-19 challenges, the Georgian insurance industry has finished the year 2020 in net profits of GEL 47.6 million, up 90% year on year.

In the reporting period, the companies attracted an insurance premium of GEL 667.3 million, up 6.7% year on year. Insurance profits marked GEL 172.5 million, while the figure amounted to GEL 157 million in the same period of 2019. Consolidated assets of insurance companies totaled GEL 915.8 million and the capital marked GEL 279.1 million. The Georgian insurance market is represented by 18 insurance companies.

Seventeen companies own both life and nonlife insurance licenses. At this stage, the minimum supervisory capital of the insurance industry is GEL 4.2 million, but the industry is obliged to increase the figure to GEL 7.2 million.