GEORGIA: Introduction of third-party liability insurance for car owners could boost market growth by 30%

11 May 2023 —
The share of insurance in Georgia's GDP is just over 1%, which is 2-3 times less than in Eastern European countries, while in developed countries this figure is even higher - about 6-7%, as stated by the head of the State Insurance Supervision Service David ONOPRISHVILI, Business Georgia writes.

"For the development of the insurance industry, it is important to introduce such a mandatory standard as civil liability insurance for car owners. According to my information, this initiative will be implemented in 2024", he added. According to the head of the State Insurance Supervision Service, after that the insurance market will grow by 30%. "Now we are working on implementation of this standard in Georgia. We are also considering possible introduction of liability insurance for builders and architects", says David ONOPRISHVILI. So far, in Georgia, according to him, only 10% of cars are insured.