MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

“The insurance system is one of the foundations of the country’s economic stability and the well-being of citizens. This sector is growing annually, which is due to increased competition in the market, the introduction of new products, and the improvement of service quality. 2024 was a remarkable year for the insurance industry – the total insurance premium attracted from direct insurance activities during the year amounted to a record 1,3 billion GEL, which is approximately 20% higher figure compared to the same indicator of the previous year” – the Deputy Minister of Economy and Sustainable Development Irakli Nadareishvili stated while addressing the audience at the event dedicated to the Insurance Day.

The event was also addressed by the Minister of Internally Displaced Persons from the Occupied Territories, Labor, Health and Social Affairs Mikheil Sarjveladze. the Minister of Environmental Protection and Agriculture Davit Songhulashvili, the Chairman of the Sectoral Economy and Economic Policy Committee of the Parliament Shota Berekeshvili, the President of the National Bank Natia Turnava, and the Chairman of the Competition and Consumer Protection Agency Irakli Lekvinadze. The Head of the State Insurance Supervision Service Davit Onoprishvili welcomed the participants of the event.  

Irakli Nadareishvili highlighted that the insurance sector is today an important component of the financial system, but its growth potential is even greater. The industry has broad opportunities both in terms of policy formulation and implementation, as well as further strengthening and development of the insurance sector. He also stated that it is necessary to develop modern, high-quality insurance products and services, in which cooperation between the private and public sectors plays an important role. “The success of this process significantly depends on both the implementation of a consistent policy and close, effective cooperation between state institutions and the private sector” – the Deputy Minister noted.

Irakli Nadareishvili listed legislative initiatives, the implementation of which will contribute to the even faster development of the sector. Among them is the mandatory insurance of civil liability of motor vehicle owners, which is one of the key products for the insurance sector of any country. “From 2025, the Law on Voluntary Private Pensions has already fully entered into force, which provides new opportunities for both citizens and financial institutions in terms of making long-term investments. We expect that the involvement of the insurance sector in this process will actively increase” – the Deputy Minister added.