Motor Vehicle Insurance - Georgia

The Motor Vehicle Insurance market market in Georgia is projected to reach a market size (gross written premium) of US$644.50m in 2024.
The average spending per capita in the Motor Vehicle Insurance market market in Georgia is estimated to be US$173.40 in 2024.
It is expected that the gross written premium in Georgia will show an annual growth rate (CAGR 2024-2029) of 2.93%, resulting in a market volume of US$744.60m by 2029.
In global comparison, the United States is anticipated to generate the highest gross written premium of US$341.6bn in 2024.
Due to the increasing number of road accidents in Georgia, the demand for comprehensive motor vehicle insurance policies has seen a significant rise.

Definition:

Motor vehicle insurance, often referred to as auto insurance, is a type of coverage that offers financial protection to individuals who own or operate vehicles like cars, motorcycles, or trucks. When you have motor vehicle insurance, you pay regular premiums to an insurance company, and in return, the insurer helps cover the costs associated with accidents, damages, and injuries related to your vehicle. This insurance market is essential for providing security and financial assistance in case of accidents, ensuring that individuals can repair or replace their vehicles.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Insurance of land motor vehicles

Accident insurance
Insurance for aerial vehicles
Insurance for watercraft
insurance for spacecraft
All other insurance types, such as life insurance and health insurance
Reinsurance

The Motor Vehicle Insurance market in Georgia is experiencing significant growth and development. Customer preferences in the Motor Vehicle Insurance market in Georgia are shifting towards more comprehensive coverage options that provide a wider range of benefits and protections for policyholders. Customers are increasingly looking for insurance packages that not only meet the basic requirements but also offer additional features such as roadside assistance, coverage for natural disasters, and enhanced customer service. Trends in the market indicate a rise in the adoption of telematics and usage-based insurance in Georgia. This trend is driven by advancements in technology and an increasing focus on personalized insurance solutions. Telematics devices that track driving behavior are becoming more popular among policyholders, leading to more tailored insurance premiums based on individual driving habits. Local special circumstances in Georgia, such as the high rate of road accidents and the growing number of vehicles on the road, are contributing to the growth of the Motor Vehicle Insurance market. With an increase in the overall number of vehicles, there is a greater demand for insurance coverage to protect against potential risks and liabilities on the road. Underlying macroeconomic factors, including the overall economic growth of Georgia and increasing disposable income levels among the population, are also driving the development of the Motor Vehicle Insurance market. As the economy continues to expand, more individuals are purchasing vehicles, leading to a larger customer base for insurance companies to tap into. Additionally, rising incomes mean that individuals have more resources to invest in comprehensive insurance coverage for their vehicles.

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.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

As the population of the United States grows, so too does the number of drivers on the road and thus the customer base for motor insurance. In 2022, there were over 280 million registered vehicles on the roads in the United States. Of those millions of registered vehicles, each year there are also millions of vehicle crashes. Road traffic fatalities in the U.S. peaked in 2021. So while many individuals feel secure in their vehicles, the statistics indicate the importance of automobile insurance and in most cases, auto insurance is required by law. Auto insurance is important because it not only covers any physical damage that may occur in an accident, but also any damage or injury that might be caused because of a vehicular accident or which may be done upon oneself or one’s vehicle by another vehicle or accident – a falling tree for example.