GEORGIA: a market leader, ALDAGI, believes the market has big potential but is still immature

"By global standards, insurance in Georgia is still immature - in the initial stages really - therefore there are many things that are yet to be done and the market has big potential," Giorgi BARATASHVILI, CEO of ALDAGI, told the FINANCIAL in an interview.

ALDAGI, one of the leaders in the Georgian market (2nd place in 1H2018 by GWP) and the oldest private insurance companies in Georgia, plays a big role in the development of the insurance sector through state social projects and as an initiator of new products. It was the first company to be founded in 1990 after the collapse of the Soviet Union and since then has been functioning actively for 28 years. In 2014, ALDAGI established agro-insurance in cooperation with the state, which was well implemented and has been successful for the last 3 years. The state subsidizes 50-70% of insurance premiums and ALDAGI sells agro-insurance throughout Georgia.

Pointing out the biggest challenges when introducing new products, BARATASHVILI mentioned the people's low level of awareness and lack of essential information, saying "amongst the wider population there is unfortunately a feeling that insurance is a waste of money. A culture of having insurance is growing slowly in popularity. To this end, we regularly provide information about insurance to the public. Our responsibility is to inform the population about the need for insurance - that insurance is one of the major risk management options."

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

GEORGIA: Starting in 2019 the model of financing universal health insurance in the country will change

Beginning in 2019, Georgia will change the model of financing within the General Health Insurance program. According to the Ministry of health the new system of reimbursement provides for transition to a model of diagnostically related groups (DRG), based on which a patient's diagnosis, age, length of hospitalization, and other criteria will determine the amount of funding, wrote Business Georgia.

2018-09-19

ON THE MOVE

IGI appoints its first Chief Technology Officer

International General Insurance Holdings Limited (IGI), the international specialist commercial insurer and reinsurer, has announced the appointment of Nasser ZAGHA to the newly-created role of Chief Technology Officer.

15.11.2018

TOP EVENT

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all