Georgia’s insurance sector is expected to double in 3-4 years after the mandatory liability insurance for car owners is introduced — they say at "Ardi" company.
CEO of Ardi says that if the insurance product is introduced properly, it will positively affect the market and various types of insurance will develop faster.
However, Mikhail Japaridze talks about the importance of implementing the mandatory liability insurance for car owners in a proper way.
"These types of mandatory products increase awareness about insurance. Currently, only 7% of registered vehicles are insured that is very little. We hope that as soon as mandatory insurance is introduced, people will insure their cars and 50% or more of cars will be insured. Although it is very important what product will be launched, It is better to think it over well and introduce it properly than to launch it and then discover a lot of flaws. The market should double in 3-4 years after the launch of the mandatory insurance, this is our expectation. However, it is very important to launch the system correctly," Mikhail Japaridze stresses.
As a reminder, the government is set to resubmit the third-party liability insurance bill to the parliament in the current fall session.
