Mariam KOSHORIDZE, Head of Consumer Protection and Financial Education Division, Legal Department, Insurance State Supervision Service, Georgia 

• The ISSSG is the authority in charge of supervising the insurance market in Georgia — our mission includes making sure insurers stay financially healthy, competitive, and above all, fair to consumers.

• Consumer rights in insurance are protected by multiple laws — including Georgia’s Insurance Law and specific ISSSG instructions issued back in 2017.
• When there's a conflict between general and special legislation, the one that favors the consumer takes priority.

• The consumers have the right to clear, honest, and easy-to-understand information before and during the contract.
• All insurance documents must be shared free of charge.
• If a claim is denied or only partially paid, the insurer must explain exactly why, in writing if the client asks.
• There's a “cooling-off period” for remote contracts: 14 days for non-life insurance, 30 days for life insurance — no penalties, no questions asked.
• If AI is used to sell a product, the insurer still needs to provide all info in a standard format afterward.
• Insurers’ Obligations

• Every insurer must have internal rules to protect consumers and handle complaints properly.
• They must also provide monthly reports to the ISSSG on customer complaints.
• Complaints must be resolved within 30 days, and the response should include a clear justification.

• In the Georgian market, most complaints come from health and car insurance — mainly around refusals or low reimbursement amounts.
• During the pandemic, online complaints were allowed - which led to a sharp rise in submissions.

• We have simplified information for mandatory and “simple” insurance products. We've also issued minimum standards for travel insurance, especially for medical emergencies — raising the bar to better protect travelers.
• We now require insurers to clearly inform clients about payments, debts, and the consequences of missed payments.

• Since 2020, we’ve been part of the national strategy for financial education — and since 2024, also part of the consumer protection strategy.

Archil TSERTSVADZE, Head of Insurance Mediation, Georgian Insurance Association 
 

• Georgia's Insurance Mediation started in 2015 as an initiative of the Insurance Association of Georgia, with support from USAID. The idea was to resolve disputes between clients and insurance companies without going to court — a faster, friendlier, and less expensive way to solve problems. Since April 1, 2015, people have been able to bring their complaints and disagreements directly to this mediation body.

• The goal isn’t just conflict resolution. It’s also about helping customers set realistic expectations, encouraging better communication and trust between insurers and policyholders, Raising awareness about how insurance works and what to expect.

• A dispute can be about lack of information, a claim disagreement, or any insurance-related misunderstanding.

• Since 2019, Georgia has a formal law on mediation, which defines how mediators are chosen, their qualifications and conduct. It also establishes confidentiality rules and how agreements are enforced.
• A Unified Register of Mediators now exists, and all mediators must be officially certified.

• Most disputes that go through mediation are about health or motor insurance.
• Surveys show that users are generally satisfied with how the process works — especially because it’s faster and less formal than going to court.

Menekşe UÇAROĞLU, CEO, IUC Group, Türkiye 

• Benefit Global, part of the IUC Group, was founded in 2007 with a simple but powerful mission: to help people manage their essential, everyday expenses through smart purchasing systems. We make it easier for individuals to access high-quality services and products — many of them critical to their health and well-being — by bundling them into systems that offer free access, deep discounts, or convenient payment terms. Today, we’re proud to work with over 95% of the insurance market in Türkiye and serve more than six million customers through leading insurance, pension, and banking groups.
• One of the main challenges we saw in the insurance world was frustration from long-time clients who never made a claim. They felt like they paid into the system and got nothing back. We tackled this by creating a model that delivers real, ongoing value — even for those who never file a claim. By offering bundled services through saving plans, we’ve helped insurers turn potential dissatisfaction into loyalty and trust, while giving clients tangible, everyday benefits that make them feel valued.
• Benefit Global was the first to launch saving plans within insurance in Türkiye, starting with dental care. Over the past 16 years, we’ve expanded our services significantly. Today, our offerings cover everything from health solutions, like emergency care and online consultations, to household repairs, pet services, digital wellness, and lifestyle benefits. All of these can be bundled with various insurance products — from health and motor to education and personal accident insurance — or offered as standalone benefits to enhance policyholder engagement.
• We’ve taken these services to the next level by launching a comprehensive digital platform. Through our mobile app, policyholders can log in using their name or policy number and instantly view the benefits available to them. They can easily request services, schedule appointments, and get SMS updates. Even if a service isn’t bundled with their policy, they can still access it at discounted rates. The app simplifies how people use their benefits and strengthens the connection between insurers and their clients.
• The platform also includes a digital wallet feature, allowing insurers to offer reward points in place of traditional benefits. These points give customers flexibility to choose the services they actually want, whether that means extra dental visits, wellness perks, or lifestyle benefits. It’s a powerful way to increase satisfaction, build loyalty, and encourage long-term relationships — all while letting the customer feel in control of their insurance experience.
• For insurers and corporate partners, our platform provides real-time insights that support smarter decision-making. With just a few clicks, companies can generate usage reports, monitor trends, and track satisfaction. They can also respond to complaints quickly and adapt their offerings accordingly. It’s a data-driven, fully digital solution that brings real scalability and transparency to benefit management — for both customers and the companies that serve them.
• María Luisa ÁLVAREZ BARBY, Head of Sustainability and Solvency II Subdirectorate, Directorate General for Insurance and Pension Funds,
• Sustainability isn’t new to the insurance industry — in fact, it has long addressed natural catastrophe (NAT CAT) risks within the Solvency II framework. These risks are built into capital requirements calculations, and Spanish insurers are already required to hold enough own funds to cover them. Recognizing the growing importance of ESG, Spain’s insurance supervisor, the DGSFP, has made sustainability one of its top supervisory priorities for the 2023–2025 period. To support this, a new dedicated department for sustainability has been established to oversee everything from Solvency II to the CSRD, SFDR, and EU taxonomy.
• The DGSFP has embedded sustainability risk integration into its supervision process, especially in governance, underwriting, reserving, investments, and risk management. These requirements are rooted in European regulations, and are supported by specific tasks for the actuarial and risk management functions. A key focus is on aligning with EIOPA’s guidance, particularly in using climate-related scenarios in ORSA (Own Risk and Solvency Assessment).
• Spain has made considerable progress — over 80% of the insurance market has been assessed so far, with positive results in governance and investment areas, although there’s still room for improvement in underwriting and reserving practices. At the heart of this progress is good governance. Best practices include setting up a sustainability committee, mandating ESG training for all staff, ensuring internal communication, and regularly auditing ESG integration.
• Underwriting and reserving departments are also being encouraged to factor in sustainability. That means setting fair pricing assumptions, identifying vulnerable groups, offering sustainable product features (like coverage for electric vehicle charging cables), and promoting greener claims handling through practices like telematic appraisals and using recycled parts. Similarly, in investments, insurers are expected to classify assets by their ESG profile, adopt exclusion lists, align with global sustainability goals, and define engagement strategies — all while respecting the prudent person principle and consumer preferences.
• Sustainability is now a factor in every corner of operations — even remuneration policies are expected to include ESG-linked objectives across departments, not just at the executive level. Detailed KPIs and a mix of short-, medium-, and long-term goals are encouraged. In the actuarial function, ESG considerations must be factored into pricing assumptions and technical provisions, while the function itself should be actively involved in sustainability policy development and governance.
• Risk management has also evolved. Climate risks — both transition and physical — must be assessed short and long term using scenario analysis, and incorporated into ORSA reports. Insurers are expected to clearly outline how these risks are material, identify affected business lines, and use both qualitative and quantitative analysis, including materiality matrices and dual materiality under CSRD. Even when climate risk is deemed non-material, that decision must be justified transparently.
• On a broader level, Spain is also tackling the protection gap — ensuring people understand why insurance matters and have better access to it. The rise in extreme weather events in Spain highlights why this is urgent. The DGSFP monitors how NAT CAT risks, such as wind, rain, and hail, are driving up claim costs and frequencies across all lines, with motor insurance seeing the most dramatic spike. The regulator is also tracking ESG exposure across the sector, identifying which undertakings hold the highest share of pollutant assets and which industries contribute most to transition risk.

Klime POPOSKI, University Professor, University St. Kliment Ohridski, North Macedonia

• ESG (Environmental, Social, Governance) principles are becoming a strategic imperative for the insurance industry. Insurers naturally align with ESG because managing risk is their core business. But there’s increasing pressure from all sides - investors, customers, regulators — to go further and respond to climate change, social issues, and governance standards. Regulators globally are starting to push ESG into financial supervision. For non-EU countries, this shift isn’t optional anymore — ESG is no longer a “nice-to-have,” it’s becoming the baseline expectation, and catching up with global standards while managing local realities is a real challenge.
• The Western Balkans and Eastern Europe - including the Caucasus - are still in the early stages of ESG integration. Many of these countries are facing competing socio-economic pressures, and sustainable finance remains more of a goal than a reality. Regulatory frameworks are still underdeveloped, and ESG-specific data is limited.
• proximity to the EU and formal association agreements do create some positive pressure for alignment, but the maturity gap remains. A 2024 report by A2ii and Slovenia’s AZN found that ESG understanding among supervisors is still fragmented, with big variations in perception and capacity. National roadmaps for sustainable finance are largely missing in action
• Georgia has launched its second Sustainable Finance Roadmap (2025–2028), while Azerbaijan and Ukraine have also taken steps toward ESG planning. In contrast, the Western Balkans are lagging, with no comprehensive strategy documents to date. Where national frameworks are slow, industry-led ESG initiatives are beginning to fill the gap. Subsidiaries of EU insurance groups are leading by example, applying their parent companies’ sustainability models. A few local insurers, like Aldagi in Georgia and Dunav Re in Serbia, have stepped forward with ESG committees, strategies, and participation in global initiatives like the UN Global Compact.
• Green and inclusive insurance products are on the rise: coverage for renewable energy assets, EVs, and energy-efficient homes is gaining traction. Microinsurance for farmers and vulnerable households is being piloted in several countries, often with support from UNDP or InsuResilience. Partnerships between insurers, NGOs, and governments are helping spread awareness and prepare communities for disaster and climate risks.
• While ESG offers opportunities, the risks of inaction are growing. Physical climate risks can damage profitability and solvency if not priced and managed properly. Transition risks — tied to carbon regulation, shifting technologies, and public sentiment — can rapidly erode the value of traditional portfolios. On the flip side, insurers that embrace ESG can lead the way by developing new markets and products that support resilience and adaptation — especially in sectors like agriculture, SME lending, and disaster insurance.
• Governments must define national sustainable finance strategies, build ESG-based regulation, and launch public education and research efforts. Supervisory authorities need to set ESG priorities, share expertise, and monitor implementation closely. And the insurance industry must embed ESG into its business model, scale up sustainable products, and collaborate more broadly to create systemic change.

David MCHEDLIDZE, Head of the Service for Accounting, Reporting and Auditing Supervision, Georgia 

• Georgia’s journey toward aligning its sustainability reporting practices with European standards — particularly the Corporate Sustainability Reporting Directive (CSRD). Georgia has been moving gradually toward EU integration, holding Associate Member status since 2014 and achieving Candidate Member status in late 2023. This legal status means Georgia is obligated to implement key EU directives, including those on corporate reporting and audit oversight.
• The transition from non-financial reporting to full sustainability reporting has been underway since 2016, when Georgia first required large Public Interest Entities (PIEs) with more than 500 employees to disclose non-financial information. Currently, 36 companies fall under this category, including three insurers. Since then, the process has gained momentum through a series of partnerships and policy steps. Notably, in 2021, a memorandum of cooperation was signed between supervisory bodies and NGOs. By 2023, Georgia had partnered with the International Finance Corporation (IFC) to raise awareness and prepare sustainability reporting guidance. The World Bank also stepped in with its EAASURE project in 2024 to support the development of an action plan for CSRD implementation.
• Key milestones followed. In 2024 and early 2025, Georgia finalized the official translation of the European Sustainability Reporting Standards (ESRS), reviewed by a 16-member expert committee representing both public and private sectors. These standards have been published and integrated into an updated online terminology dictionary, ensuring consistency in sustainability language. Alongside this, a national working group was formed, drawing members from all relevant ministries and public institutions to guide CSRD implementation.
• However, 2025 brought some delays. Following the adoption of the Omnibus Amendment, the reporting requirement under CSRD was officially postponed to 2027. This delay allows the country to finalize its action plan and reflect ESRS as the voluntary reporting framework that will gradually replace the older non-financial reporting model.
• On the audit and assurance front, Georgia is preparing to follow the EU’s timeline. The European Commission is expected to adopt limited assurance standards by 2026 and reasonable assurance standards by 2028, both likely based on ISSA 5000. Georgia intends to mirror this approach, though if the Omnibus Amendment is confirmed, the adoption of ISSA 5000 may be deferred. Instead, Georgia will temporarily follow targeted assurance guidelines issued by the European Commission while continuing to build capacity for full implementation.

Ketevan MAGALASHVILI, Head of Marketing Communications Department, Insurance Company ALDAGI, Georgia 

• Aldagi is redefining insurance to align with both global ESG trends and Georgia’s national climate commitments. As a signatory to the Paris Agreement, Georgia has pledged to reduce greenhouse gas emissions by 35% by 2030, and Aldagi is positioning itself as a key player in this transition. Aldagi’s parent company, Georgia Capital, has embedded ESG principles into its investment strategy and signed the UN Global Compact in 2022. Aldagi followed suit in 2023, joining the platform and receiving a UN award for sustainable innovation — a clear recognition of its leadership.
• In 2023, Aldagi launched its first five-year ESG strategy, supported by an external consultancy. This strategy is grounded in clearly defined targets, KPIs, and a concrete action plan. The company’s focus areas are climate risk mitigation, employee well-being, and customer-centric innovation. Under the environmental pillar, Aldagi promotes climate-smart agriculture and offers insurance tailored for electric vehicles. It has also embraced full digitalization, applying technologies like AI and blockchain to improve service delivery while reducing its environmental footprint.
• Social impact is another cornerstone of Aldagi’s sustainability approach. The company champions an inclusive workplace, with women making up 60% of its workforce and holding half of all leadership roles. It provides paid volunteering leave and runs the Aldagi Academy, offering internships and training for young professionals. Aldagi also supports small businesses and social enterprises, reinforcing its role in inclusive economic growth. Its customer engagement is guided by ethical business communication and transparency.
• On the governance side, Aldagi reports its ESG progress annually as part of the UN Global Compact framework. It benefits from strong ESG oversight through Georgia Capital and has created cross-functional ESG teams to embed sustainable thinking into its operations. Sustainable procurement is also a priority, with a focus on long-term value over short-term gain.
• Looking to the future, Aldagi aims to expand its green product portfolio, forge new partnerships for climate-smart insurance solutions, and continue advancing resilience, inclusion, and transparency. The overarching goal is to drive sustainable growth — not just for Aldagi, but for Georgia’s insurance sector as a whole.