According to David Onoprishvili, head of the Insurance State Supervision Service, the share of the insurance sector in Georgia's gross domestic product is just over 1% that is 2-3 times lower than in Eastern Europe. In developed countries, this share is even higher and stands at 6-7%.
“To boost the insurance industry's development, civil liability insurance for car owners should be introduced. As far as I know, the initiative will be carried out in 2024,” he notes.
In Onoprishvili’s words, as soon as the norm is introduced, the insurance market will see a 30% growth.
“There are differnet types of mandatory insurance available in Europe, for example, professional liability insurance for doctors which might be introduced in Georgia. We are also considering the possible introduction of liability insurance for builders and architects,” he stresses.
He adds the Supervisory Service is working to improve the country’s insurance culture.
“In Georgia, only 10% of vehicles are insured. Car owners do not realize that when a person has a car, he also needs car insurance that it quite natural just like filling fuel or changing a tire, ” Onoprishvili says.
Touching on tariffs, David Onorishvili says that 5 years ago when the bill was prepared, they were set at GEL 150-160 per year, now this amount will be around GEL 200.
While the insurance company will pay for services in the amount of GEL 25-30 thousand if necessary.
