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Tag Archives: Insurance

Uninsured Trade and Business amid Frequent Conflagrations

Over the past 5 years several trade centers burnt down in Georgia. In most cases, property turned out uninsured. This factor generates huge problems. For many years, insurance sector specialists stress that there is no insurance culture in Georgia. Insurance experts point out that the country does not provide satisfactory …

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New Insurance Company Appears on Market

New Insurance Company Appears on Market

Georgian Insurance Group has launched operation on insurance market. The company has already obtained life and non-life insurance licenses. The company was founded in May 2017. The company’s starting capital is 2 200 100 GEL. Archil Morchiladze owns a 51% stake in the company, while NewMedi holds a 49% stake. …

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IC Group Sells Hospitals

IC Group insurance company has withdrawn from hospital sector. According to GBC news agency, IC Group has sold subsidiaries: Alliance Medi+, Medical Park Georgia, Bolnisi District Hospital, Bolnisi Adults District Polyclinics, Diagnostika-2000 and Bolnisi District Urgent Aid Service -03. The clinics were bought by Alliance Med Service. Total value of …

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Parliament to Discuss Third Party Insurance Bill

Georgian insurance sector calls for introducing third party obligatory insurance component. New regulations will draw 70 million USD to the country. The due bill has been already developed and forwarded to the government”, Devi Khechinashvili, head of Association of Insurance Companies, told Business Course. -Mr. Devi, insurance companies raised this …

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Revenues of Insurance Companies Grow 9 Times

In 2016 net profits of insurance companies rose 9 times. According to the report published by Insurance Supervision Service, in 2016 net profits of insurance companies marked 18.86 million GEL, while the sector’s profits marked 2.63 million GEL in 2015. What factors have driven a growth in profits of insurance …

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Health Minister Criticizes Insurance Companies

Health Minister David Sergeenko has criticized insurance companies. However, insurance industry representatives  do not agree with the Minister’s remarks. It is the Government’s habit  to point fingers to insurance companies, the industry representatives said. As reported, Health Ministry plans to launch the second phase of reforms to increase efficacy of …

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David Bezhuashvili Shows Interest in Insurance Market

Competition is sharpening on insurance market. A new insurance company has already passed registration. Risks Management and Insurance Company Global Benefits Georgia has already obtained life and nonlife insurance licenses. According to Business Registry, Risks Management and Insurance Company Global Benefits Georgia  is member of American Global Benefits Group, which …

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Children’s World Shopping Center is Insured for 6 million GEL

Children’s World shopping mall has been insured for 6 million GEL, the company commercial director Elguja Tsintsadze noted. The property has been insured at Aldagi insurance company, he added. As to goods in the building, Children’s World had leased spaces for commercial purposes and it is unknown whether lessees had …

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President of NBG Responds to the Critics of Larization

President of NBG Responds to the Critics of Larization

The act is an insurance mean from foreign exchange risks and onetime event, which has been used in other countries and Georgia is not unique in this term, – Koba Gveneteadze, president of National Bank of Georgia has noted to the Public Broadcaster and responded the critics as well. Koba …

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Insurance Usually Used by Only Corporation Sector in Georgia

“The population unfortunately does not buy insurance and usually, only corporation sector is is insured”-declared the head of Insurance Association, Devi Khechinashvili. He claims that the health insurance is usually sold to state organizations. “I don’t understand the reason why we could not suit an Estonian model with our 6 …

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