The state of art of the insurance industry was discussed during the meeting of President of the National Bank of Georgia, Giorgi Kadagidze, with heads of insurance companies.

As President of the National Bank of Georgia, Giorgi Kadagidze, stated the National Bank is pursuing a consistent plan to develop insurance industry.

“Building a healthy insurance system is one of the priorities of the plan.  Insurance field has a great potential and is currently following a similar development path that banking sector passed to become a stable and sustainable institution of today.”

Development state implies that there is a chance that new players will immerge in the sector, mergers of companies is also a possibility. 

It should be noted that 10-20 person companies is already a past in the business, the demands of today cannot be met by such companies and this is crystal clear.

However, one should not overlook one important and decisive factor – as a regulator of the field the National Bank is doing its best so that the development process is not tough for the insurance clients and, what is of upmost importance, not a single citizen is harmed.

There are 16 255 people working in the banking sector today, which means, that in a few years’ time insurance sector currently employing 2 207 people will be one of the biggest employers on the labour market” – President of the National Bank of Georgia, Giorgi Kadagidze explained  to the journalists before meeting the representatives of the insurance companies.

As Giorgi Kadagidze maintains, at present it is important  to achieve the increased transparency of the insurance industry; later on certain norms already in place in the banking sector will be enforced in insurance sector as well  aimed at protection of customer rights.