Georgia Insurance Market Reports 97% Claims Settled Amid Company Withdrawals

The Blue-Ribbon Committee on Insurance Rates convened on August 28, 2025, to discuss critical issues surrounding insurance claims and market conditions in Georgia. A significant focus of the meeting was the current status of claims, with 164,000 claims paid to date, totaling approximately $2.86 billion in losses. There are still about 5,500 outstanding claims, representing roughly 2.6% of all claims filed, indicating that 97% of claims have been settled.

The committee highlighted that the remaining claims are likely more complex, accounting for about 5.8% of the total amount paid. This suggests that while the majority of claims have been resolved, the outstanding ones may require additional attention and resources.

In terms of market conditions, Georgia has 1,700 licensed insurance companies, with 1,100 actively writing various insurance products, including life, health, and property and casualty insurance. Notably, over 400 companies are involved in personal lines, with 210 focusing on homeowners' insurance and around 200 on automobile coverage. The total premium volume in Georgia stands at $33 billion, making it the tenth largest state in the country for insurance premium volume.

The committee also addressed the concerning trend of company withdrawals from the state. Since February 2022, 134 insurance programs have been withdrawn, with 36 related to personal auto and home insurance and 35 concerning commercial auto and property insurance. Reasons for these withdrawals include profitability challenges and insufficient premium volume to sustain operations. The committee emphasized that companies typically remain in the market if they can achieve profitability.

Overall, the discussions underscored the complexities of the insurance landscape in Georgia, highlighting both the progress made in claims processing and the challenges posed by market withdrawals. The committee's findings will likely inform future strategies to stabilize and enhance the insurance market in the state.