Despite the 2020 economic crisis, the Georgian insurance market managed to grow. During the past year, the eighteen insurance companies operating in Georgia collected a total of GEL 667 million in premiums, representing a year-on-year increase of GEL 42.3 million, or 7%. The sector registered a net profit of GEL 47.6 million, representing an increase of 89% compared to 2019.
In terms of individual segments, health insurance remains the most lucrative area of the insurance sector. Health insurance companies collected a total of GEL 267.6 million in premiums, exceeding the 2019 figure by GEL 33.6 million. As of 31st December 2020, 17% of the Georgian population (620,000 people) had private health insurance. The average monthly health insurance premium paid by consumers or their employers in 2020 was GEL 36.
Car insurance is the second-largest segment, accounting for GEL 116.7 million in premiums. This represents an increase of GEL 4.6 million compared to 2019. As of 31stDecember 2020, there were 93,000 insured vehicles in Georgia, meaning that only 6% of the total car fleet is insured. The average monthly insurance premium is GEL 104 per vehicle. The third-largest segment is property insurance, with companies collecting GEL 108 million in premiums. The property insurance segment grew by GEL 19.8 million in 2020.
In 2020, GPI Holding held the leading position among the eighteen insurance companies operating in Georgia with GEL 128.9 million in collected premiums. Second place was held by Aldagi with GEL 106.9 million, and third place was held by TBC Insurance with GEL 89.3 million in collected premiums. According to their financial statements, half of the insurance companies registered growth in 2020, while the other half registered losses.
