Property Insurance - Georgia | Statista Market Forecast

The Property Insurance market market in Georgia is projected to reach a market size (gross written premium) of US$363.10m in 2024.
The average spending per capita in the Property Insurance market market is estimated to be US$97.69 in 2024.
It is expected that the gross written premium will show an annual growth rate (CAGR 2024-2029) of 4.03%, resulting in a market volume of US$442.40m by 2029.
In global comparison, the United States is anticipated to generate the highest gross written premium of US$240.4bn in 2024.
Georgia's property insurance market is witnessing a surge in demand due to the country's growing real estate sector and increasing awareness about the importance of protecting assets.

Definition:

The property insurance market encompasses insurance products that protect individuals and businesses from financial losses related to damage or loss of property, such as homes, commercial buildings, or personal belongings. Policyholders pay regular premiums to insurance providers, and in return, these insurers offer coverage for events like fire, theft, natural disasters, and other property-related risks. Property insurance is crucial for safeguarding assets and providing financial assistance to repair or replace property damaged or lost due to covered incidents.

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 for all damage or loss of property caused by fire and natural forces
Insurance for all damage or loss of property caused by crime

All other insurance types, such as life insurance and health insurance
Reinsurance

The Property Insurance market in Georgia is experiencing a shift in customer preferences towards more comprehensive coverage options and tailored solutions that meet individual needs.

Customer preferences: Customers in the Property Insurance market in Georgia are increasingly seeking policies that offer extensive coverage for various risks such as natural disasters, theft, and liability. This shift is driven by a growing awareness of the importance of protecting one's property against unforeseen events. Additionally, there is a demand for customizable insurance packages that can be adjusted to fit specific requirements, reflecting a trend observed in global markets.

Trends in the market: A notable trend in the Property Insurance market in Georgia is the rise of digital insurance platforms and online distribution channels. This trend is fueled by the increasing use of technology among consumers, making it easier to research, compare, and purchase insurance policies online. Insurers are also leveraging data analytics and artificial intelligence to streamline processes and offer more personalized services to customers. Moreover, there is a growing emphasis on sustainability and green initiatives, with insurers introducing eco-friendly insurance products to cater to environmentally conscious individuals.

Local special circumstances: One of the unique aspects of the Property Insurance market in Georgia is the impact of the country's geographical location. Situated in a seismically active region, Georgia is prone to earthquakes, which poses a significant risk to properties. As a result, there is a heightened awareness of the need for comprehensive insurance coverage against natural disasters, driving the demand for specialized policies that cover seismic activities. Additionally, the country's diverse climate, including frequent floods and landslides, further underscores the importance of property insurance in mitigating risks.

Underlying macroeconomic factors: The development of the Property Insurance market in Georgia is also influenced by broader macroeconomic factors such as economic growth, regulatory environment, and disposable income levels. As the economy continues to grow, there is an increasing focus on asset protection and risk management, prompting individuals and businesses to invest in property insurance. Moreover, regulatory reforms aimed at enhancing transparency and consumer protection are shaping the market landscape, fostering trust and confidence among policyholders. The rising disposable income levels in Georgia are also driving the uptake of property insurance, as individuals seek to safeguard their valuable assets against unforeseen events.

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.

Berkshire Hathaway, State Farm, and Progressive Corp are just some of the biggest property and casualty insurance companies in the world - all of which hail from the United States. Property and casualty insurance is a type of insurance which covers risks related to loss or damage of property. This type of insurance has two major areas: protection of physical objects and protection against legal liability. In total, the value of gross premiums written by the U.S. property and casualty insurance sector exceeded 850 billion U.S. dollars in 2022. In the same year, 35 percent of the U.S. P&C premiums were written by private passenger auto insurance companies.