GEORGIA: from January 1, 2019 industrial accident insurance of employees will be compulsory

On January 1, 2019 in Georgia the article 5 of the law "On work safety" will come into force; based on it employers will be obliged at their expense to provide employees with industrial accident insurance.

According to Devi KHECHINASHVILI, Chairman of the Board, Georgian Insurance Association, it is really necessary to establish limits and standards for this type of insurance.

"We have now an obligation to purchase accident insurance. This applies to many people. Thus, to protect possible victims, we need a clear definition what this type of insurance is about. We need legislative amendments. If the limits are not determined, for example, what insurance product is needed for a painter, he/she may purchase the cheapest product with protection that is not enough to cover any accident indemnity, which is considered by the government ", explained KHECHINASHVILI.

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.



Bulgaria: Boiko ATANASSOV appointed as FSC's head

The Parliament of the Republic of Bulgaria appointed Boiko ATANASSOV as Chairperson of the Financial Supervision Commission (FSC) on March 15, with 134 votes in favour, none opposed or abstained.



Climate and cyber: two Cs with catastrophic potential and the insurance business - under debate in Vienna, on April 9

10 years after its inception, the Romanian mandatory dwelling insurance system has progressed and PAID, the pool underwriting and managing the mandatory policies is a strong and financially sound institution. "We are currently managing a reinsurance program worth EUR 920 million, with a pool of excellent reinsurers, more than half of them rated AA+, while the company's solvency rate is of 220%," recently stated Nicoleta RADU, CEO, PAID.


Conclusions: TBILISI - the first Georgian International Insurance Conference

The first Georgian International Insurance Conference took place on 14 March 2019. The event put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system was the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.


See all