Non-life insurances - Georgia

Georgia

The Non-life insurance market in Georgia is expected to witness significant growth in the coming years.
It is projected that the market size, measured by gross written premium, will reach US$1,212.00m by 2024.
This indicates a positive trend in the demand for non-life insurance products and services in the country.
In terms of individual spending, the average per capita expenditure in the Non-life insurance market is estimated to be US$326.10 in 2024.
This indicates the importance of insurance coverage in protecting individuals and their assets against various risks and uncertainties.
Furthermore, the gross written premium is anticipated to exhibit an annual growth rate of 3.42%, from 2024 to 2029.
This steady growth trajectory is expected to result in a market volume of US$1,434.00m by 2029.
This indicates a positive outlook for the Non-life insurance market in Georgia, with increasing demand and potential for expansion.
In comparison to other countries, the United States is expected to generate the highest gross written premium in the Non-life insurance market, amounting to US$2,500.0bn in 2024.
This highlights the dominance of the US market in terms of revenue generation and market size.
Overall, the Non-life insurance market in Georgia is poised for growth, driven by increasing awareness of the importance of insurance coverage and the need for risk mitigation.
The non-life insurance market in Georgia is experiencing significant growth due to increasing awareness and demand for insurance products.

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Analyst Opinion

Over the past few years, the Non-life insurances market in Georgia has been experiencing significant growth and development.

Customer preferences: Customers in Georgia are increasingly seeking Non-life insurance products that provide comprehensive coverage at competitive prices. They are showing a preference for insurance plans that offer flexibility and customization to suit their individual needs and preferences. Additionally, there is a growing demand for digital and online insurance services, making it convenient for customers to purchase and manage their policies.

Trends in the market: One notable trend in the Non-life insurance market in Georgia is the increasing adoption of technology and data analytics. Insurers are leveraging advanced analytics to assess risks more accurately, personalize pricing, and improve overall operational efficiency. Moreover, there is a noticeable shift towards sustainable and environmentally friendly insurance products, reflecting the global trend towards ESG (Environmental, Social, and Governance) considerations.

Local special circumstances: Georgia's unique geopolitical location and economic ties play a significant role in shaping the Non-life insurance market. The country's strategic position as a gateway between Europe and Asia contributes to the demand for transportation and logistics insurance. Furthermore, the ongoing infrastructure development projects in Georgia create opportunities for property and construction insurance products.

Underlying macroeconomic factors: The economic stability and steady GDP growth in Georgia have bolstered consumer confidence and disposable income levels, leading to an increased willingness to invest in insurance products. Additionally, regulatory reforms and initiatives to enhance transparency and consumer protection in the insurance sector have helped foster trust and credibility among customers. The country's efforts to attract foreign direct investment and promote business development have also positively impacted the Non-life insurance market.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.