Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698059003147.pdf (Georgia)
DEVELOPMENT OF «LIABILITY INSURANCE» IN GEORGIA FOR THE LAST 10 YEARS» (OVERVIEW OF 2008 - 2018) Roland Bregvadze Kutaisi University, Invited lecturer; Insurance company Aldagi regional representative, Georgia roland.bregvadze@unik.edu.ge Keywords: Liability insurance, Insurance product, Insurance premium, Reimbursed loss, Dynamics, Compulsory insurance J.E.L.
classification: A0, G2, I0 Abstract for various liability insurance in both the corporate The article discusses the development prospects and retail markets.

of liability insurance in Georgia as a field, discusses Nevertheless, judging by the statistics of the various statistical data on insurance products for Georgian insurance market from 2008 to 2018, we 2008-2018, including liability insurance, makes will see that liability insurance is less prominent.
comparative analysis, discusses the example of Leading among the types of insurance are types of advanced countries in terms of liability insurance insurance such as medical insurance, auto insurance, development, discusses problems and future prospects property and life insurance.

Liability insurance ranks of liability insurance for development sixth and seventh, both in terms of premiums attracted and policies issued.
Introduction Liability insurance is less in demand today and In Georgia, the insurance industry has been is preceded by types of insurance such as medical developing since 1997, since the establishment of insurance, motor insurance, property and life insurance development strategy by the state, the insurance.
LEPL State Insurance Supervision Service, the main The separation of the type of liability insurance and insurance regulation law on insurance, normative and the importance of its development is due to the fact that sub-legal acts have been developed, and an important it is impossible to attribute it to property or personal place has been given to insurance relations in Georgian insurance.

If the object of property insurance is the civil, air, marine and customs code.
Several types of property of a natural or legal person, and the property compulsory insurance have been introduced.

of a person - human life, health and ability to work, Over time, with the realization of the benefits of then the object of liability insurance is the liability of insurance by the public and private business, there the insured (insured) for damage to a third party in has been a growing demand for the various types of accordance with law or contractual obligations.
insurance offered by private insurance companies.

Therefore, the aim of the paper is to reflect to some Including types of personal insurance, property and extent the problems of liability insurance development financial risk insurance.

There was also some demand in Georgia and to offer recommendations for their 60 solution.
The actuality of this topic is due to the fact that the development of liability insurance is of great trjyjvbrehb ghjabkb7 1@_7 @_@_2Economic Profile, N20, 2020 importance for both individuals and society as a bodies carrying out periodic security inspections of whole, in that this type of insurance can protect an object with increased technical hazards.

individuals in business relationships from liability 8.
Compulsory professional insurance of notaries in various cases, unintentionally causing damage to 9.

Homeowner Liability Insurance (in Retail others.

Given that the insurance covers legal costs Property Insurance) related to the defense and compensation to be paid in 10.

Civil liability insurance related to the use of favor of the victim, it also helps the insured to settle land transport.

an apparently reasonably clear claim.

11.

Liability insurance related to the use of air vehicles Main text 12.
Liability insurance related to the use of Statistical data for 2008-2018, comparative floating vehicles analysis 13.

Carrier and Freight Forwarder Liability In 2008-2018, with the emergence of demand Insurance in the insurance market, various types of liability 14.

Professional Liability Insurance of Road insurance were gradually created, including those Implementation Testing Centers whose formation was partly due to the requirements 15.

D&O - Liability insurance for directors and of the law.
executives Types of liability insurance that are being 16.

Compulsory third party liability insurance by operated since 2008 (Tsertsvadze..., 2016:17): owners of mass gathering facilities 1.

Voluntary general civil liability insurance 17.

CAR - Liability insurance (related to repair 2.

Employer Liability Insurance and construction work) 3.

Professional liability insurance of the private 18.

Doctors' professional liability insurance ("Mal security service med") 4.
Professional Liability Insurance for Architects 19.

Third Party Liability Insurance in Cyber and Engineers Insurance Privacy and Security Liability 5.

Professional liability insurance for auditors From 2008 to 2018, the number of policies and and accountants premiums issued on the type of liability insurance 6.

Liability insurance of tour operators varied gradually.

(See table #1, 1.1, 1.2) , (Diagram 7.
Liability insurance of accredited inspection #1) 61 trjyjvbrehb ghjabkb7 1@_7 @_@_2Economic Profile, N20, 2020 Share of premiums attracted by liability insurance in 2008-2018 in relation to the total market volume (GEL ) Table# 1 Total earned premium 272,013,220 year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Source: LEPL State Insurance Supervision Service, Insurance Market Statistics http://insurance.gov.ge/ Liability insurance line premium: MARINE TPL, AVIATION TPL, MTPL, GENERAL CIVIL LIABILITY 9,418,663 12,231,087 13,016,154 12,649,284 16,372,530 17,197,400 21,561,746 27,841,675 39,370,486 36,498,902 74,494,096 360,449,124 361,457,160 321,147,047 515,471,427 471,066,120 302,640,671 359,798,773 393,038,614 441,400,962 542,200,592 ratio 3.46% 3.39% 3.60% 3.94% 3.18% 3.65% 7.12% 7.74% 10.02% 8.27% 13.74% Statistics.aspx?lang=ka-GE Share of premiums attracted by liability insurance in 2008-2018 Diagram# 1 Source: LEPL State Insurance Supervision Service, Insurance Market Statistics http://insurance.gov.ge/ in relation to the total market volume (GEL ) 62 trjyjvbrehb ghjabkb7 1@_7 @_@_2Economic Profile, N20, 2020 Statistics.aspx?lang=ka-GE Share of different types of liability insurance premiums MARINE TPL, AVIATION TPL, MTPL, GENERAL CIVIL LIABILITY Table# 1.1 AVIATION TPL Year 0.00% 2008 0.00% 2009 0.60% 2010 0.83% 2011 0.80% 2012 0.92% 2013 1.25% 2014 0.92% 2015 1.19% 2016 1.00% 2017 1.11% 2018 Source: LEPL State Insurance Supervision Service, Insurance Market Statistics http://insurance.gov.ge/
 MARINE TPL 0.00% 0.00% 0.009% 0.004% 0.010% 0.000% 0.002% 0.003% 0.008% 0.004% 0.02% General Civil Liability 2.31% 1.90% 2.01% 1.90% 1.55% 1.78% 3.87% 4.46% 6.41% 4.67% 4.69% MTPL 1.15% 1.49% 0.97% 1.20% 0.82% 0.95% 2.00% 2.34% 2.40% 2.59% 7.91% Statistics.aspx?lang=ka-GE Number of policies issued MARINE TPL, AVIATION TPL, MTPL, GENERAL CIVIL LIABILITY Table 1.2 Year Number of policies issued MARINE TPL, AVIATION TPL, MTPL, GENERAL CIVIL LIABILITY Including the number of policies issued only on civil
 liability insurance Total number of policies issued in all types of insurance Ratio 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Source: LEPL State Insurance Supervision Service, Insurance Market Statistics http://insurance.gov.ge/Statistics.aspx?lang=ka-GE 2.24% 0.60% 0.62% 0.58% 0.66% 1.40% 1.58% 4.26% 3.97% 22.59% 63 trjyjvbrehb ghjabkb7 1@_7 @_@_2Economic Profile, N20, 2020 In 2008, the total attracted premium was 272 047 GEL, while the premium attracted for the existing 013 220 GEL, while the premium attracted for types of liability insurance (TPL, MTPL, MARINE TPL, the existing types of liability insurance (TPL, AVIATION TPL) was 12 649 284 GEL.
The share of MTPL, MARINE TPL, AVIATION TPL) was 9 liability insurance is 3.94% of the received premiums.

418 663 GEL.

The share of liability insurance is Including only liability insurance 1.90%, MTPL 1.20%, 3.46% of the received premiums.

Including only Marine Tpl 0.004%, Aviation Tpl 0.83%.

2.31% on liability insurance and 1.15% on MTPL.

4,750,795 policies issued in all types of insurance.
Unfortunately, no information is available on air Existing liability insurance types (TPL, MTPL, MARINE and freight liability insurance premiums, as well as TPL, AVIATION TPL) 29472, the share of liability on issued policies.

insurance policies is 0.62% of the total issued policies.

In 2009, the total attracted premium amounted 1716 policies have been issued for civil liability to 360 449 124 GEL, while the premium attracted insurance alone.
for the existing types of liability insurance (TPL, In 2012, the total attracted premium was 515 471 MTPL, MARINE TPL, AVIATION TPL) amounted 427 GEL, while the premium attracted for the existing to a total of 12 231 087 GEL.

The share of liability types of liability insurance (TPL, MTPL, MARINE TPL, insurance is 3.39% of the received premiums.

AVIATION TPL) was a total of 16 372 530 GEL.


The Including only 1.90% on liability insurance and share of liability insurance is 3.18% of the received 1.49% on MTPL.

premiums.

Including only liability insurance 1.55%, 3 397 076 policies are issued in all types of MTPL 0.82%, Marine Tpl 0.010%, Aviation Tpl 0.80%.

insurance.

Existing liability insurance types (TPL, 5 813 396 policies issued in all types of insurance.
MTPL, MARINE TPL, AVIATION TPL) 76122 33656 policies on existing types of liability insurance policy, the share of liability insurance policies is (TPL, MTPL, MARINE TPL, AVIATION TPL), the share 2.24% of the total issued policies.

1,294 policies of liability insurance policies is 0.58% of the total have been issued for civil liability insurance alone.

issued policies.

1,966 policies have been issued for In 2010, the total attracted premium was 361 457 civil liability insurance alone.
160 GEL, while the premium attracted for the existing In 2013, the total attracted premium was 471 066 types of liability insurance (TPL, MTPL, MARINE TPL, 120 GEL, while the premium attracted for the existing AVIATION TPL) was 13 016 154 GEL.

The share of types of liability insurance (TPL, MTPL, MARINE TPL, liability insurance is 3.60% of the received premiums.

AVIATION TPL) was 17 197 400 400 GEL.


The share of Including only liability insurance 2.01%, MTPL 0.97%, liability insurance is 3.65% of the received premiums.

Marine Tpl 0.009%, Aviation Tpl 0.6%.

Including only liability insurance 1.78%, MTPL 0.95%, 4 714 240 policies are issued in all types of Marine Tpl 0%, Aviation Tpl 0.92%.

6 768 111 policies insurance.

Existing liability insurance types (TPL, are issued in all types of insurance.
Existing liability MTPL, MARINE TPL, AVIATION TPL) 28286 policy, the insurance types (TPL, MTPL, MARINE TPL, AVIATION share of liability insurance policies is 0.6% of the total TPL) 44943 policy, the share of liability insurance issued policies.

2576 policies have been issued for policies is 0.66% of the total issued policies.

5,058 civil liability insurance alone.

policies have been issued for civil liability insurance In 2011, the total attracted premium was 321 147 alone.
64 trjyjvbrehb ghjabkb7 1@_7 @_@_2Economic Profile, N20, 2020 In 2014, the total attracted premium was issued for civil liability insurance alone.

302640671 GEL, while the premium attracted for In 2017, the total premium attracted was the existing types of liability insurance (TPL, MTPL, 441,400,962 GEL, while the premiums attracted for MARINE TPL, AVIATION TPL) was 21 561 746 GEL.
The the existing types of liability insurance (TPL, MTPL, share of liability insurance is 7.12% of the received MARINE TPL, AVIATION TPL) amounted to a total premiums.

Including only liability insurance 3.87%, of 36,498,902 GEL.

The share of liability insurance MTPL 2%, Marine Tpl 0.002%, Aviation Tpl 1.25%.

is 8.27% of the received premiums.

Including only 6241899 policies issued in all types of insurance.
liability insurance 4.67%, MTPL 2.59%, Marine Tpl Existing liability insurance policies (TPL, MTPL, 0.004%, Aviation Tpl 0.996%.

3 484 532 policies MARINE TPL, AVIATION TPL) 87554 Liability insurance are issued in all types of insurance.

Existing liability policies account for 1.40% of the total policies issued.

insurance types (TPL, MTPL, MARINE TPL, AVIATION 35,636 policies have been issued for civil liability TPL) 138294 policy, the share of liability insurance insurance alone.
policies is 3.97% of the total issued policies.

38,886 In 2015, the total attracted premium was 359 798 policies have been issued for civil liability insurance 773 GEL, while the premium attracted for the existing alone.

types of liability insurance (TPL, MTPL, MARINE TPL, In 2018, the total attracted premium was 542 200 AVIATION TPL) was a total of 27 841 675 GEL.
The 592 GEL, while the premium attracted for the existing share of liability insurance is 7.74% of the received types of liability insurance (TPL, MTPL, MARINE TPL, premiums.

Including only liability insurance 4.46%, AVIATION TPL) was a total of 74 494 096 GEL.

The MTPL 2.34%, Marine Tpl 0.003%, Aviation Tpl 0.92%.

share of liability insurance is 13.74% of the received 7 395 044 policies are issued in all types of insurance.

premiums.
premiums.

Including only liability insurance 4.69%, Existing liability insurance types (TPL, MTPL, MARINE MTPL 7.91%, Marine Tpl 0.02%, Aviation Tpl 1.11%.

4 TPL, AVIATION TPL) 116657, the share of liability 140 836 policies are issued in all types of insurance.

insurance policies is 1.58% of the total issued policies.

Existing liability insurance types (TPL, MTPL, MARINE 51,958 policies have been issued for civil liability TPL, AVIATION TPL) 935215 policy (834 955 policy insurance alone.
issued only on MTPL, which should be conditional on In 2016, the total attracted premium was 393 038 TPL of compulsory border), the total share of total 614 GEL, while the premium attracted for the existing liability insurance policies is 22 59%.

100 176 policies types of liability insurance (TPL, MTPL, MARINE TPL, have been issued for civil liability insurance alone AVIATION TPL) was a total of 39 370 486 GEL.
The (2.41% of the total policies issued) share of liability insurance is 10.02% of the received If we compare the data of 2008 and 2018, we will premiums.

Including only liability insurance 6.41%, see that the demand for liability insurance is growing.

MTPL 2.40%, Marine Tpl 0.008%, Aviation Tpl If in 2008 the attracted bonus was 9 418 663 GEL, in 1.19%.

2,980,104 policies are issued for all types 2013 17 197 400 400 GEL was attracted, and in 2018 of insurance.
Existing liability insurance types (TPL, the attracted bonus is 74 494 096 GEL.The share in the MTPL, MARINE TPL, AVIATION TPL) 127012 policy, total attracted premium has also increased: 3.46% in the share of liability insurance policies is 4.26% of 2008, 3.65% in 2013, and 13.74% in 2018.

Also, only the total issued policies.

51,813 policies have been the share of civil liability insurance has increased: 2.31% in 2008, 1.78% in 2013, and 4.69% in 2018.
65 trjyjvbrehb ghjabkb7 1@_7 @_@_2Economic Profile, N20, 2020 The number of policies issued is also increasing: in To determine the liability insurance loss rating, it is 2009 data were issued 76 122 (1294 for civil liability also interesting to consider the liabilities reimbursed insurance only) policies, in 2013 44 943 (5058 only in 2008-2018 and the share of liability insurance for civil liability insurance), and in 2018 935 215 losses in relation to the total market volume (GEL).
(only for civil liability insurance 100 176) Issued.
(See table #2, diagram #2) Share of liability insurance losses in relation to the total market volume MTPL ratio Total loss MARINE TPL AVIATION TPL Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 105,613,271 189,211,833 188,764,463 221,908,033 264,740,274 387,610,085 219,090,860 210,524,803 231,862,996 248,769,530 301,863,209 liability insurance covered loss 1,291,518 2,633,648 2,337,886 1,943,519 2,248,895 16,299,943 7,245,987 7,624,936 10,311,044 10,310,327 11,668,554 1.22% 1.39% 1.24% 0.88% 0.85% 4.21% 3.31% 3.62% 4.45% 4.14% 3.87% – – 0.03% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% – – 0.00% 0.00% 0.00% 3.38% 0.99% 0.87% 0.54% 0.00% 0.51% 1.10% 1.09% 1.15% 0.83% 0.80% 0.70% 1.54% 2.02% 1.91% 2.10% 2.73% Table #2 General Civil Liability 0.12% 0.30% 0.05% 0.05% 0.04% 0.12% 0.78% 0.74% 2.00% 2.04% 0.61% Source: LEPL State Insurance Supervision Service, Insurance Market Statistics http://insurance.gov.ge/ Statistics.aspx?lang=ka-GE Reimbursed losses in 2008-2018 and share of liability insurance losses in relation to the total market volume (GEL) Diagram #2 Source: LEPL State Insurance Supervision Service, Insurance Market Statistics http://insurance.gov.ge/ Statistics.aspx?lang=ka-GE 66 trjyjvbrehb ghjabkb7 1@_7 @_@_2Economic Profile, N20, 2020 Liability insurance rating on the example of an advanced countries According to the 2018 data, the share of general liability insurance premiums attracted in the total premium is distributed as follows (see table #3, diagram #3): Share of general
 liability insurance premiums attracted in the total premium Great Britain 17.09% USA 11.95% Switzerland Germany 9.38% 9.35% Italy 9% Japan Spain 6.11% 3.03% Turkey 2.58% Source: OECD Insurance Statistics https://read.oecd-ilibrary.org/finance-and-investment/oecd- insurance-statistics-2018 Share of general liability insurance premiums in the total premium 2018 Diagram #3 Table #3 Source: OECD Insurance Statistics https://read.oecd-ilibrary.org/finance-and-investment/oecd- insurance-statistics-2018 Interestingly, according to the 2018 data, the share of insurance premiums per capita in GDP and GDP (2018) is as follows: (see table 4, diagram #4) 67 trjyjvbrehb ghjabkb7 1@_7 @_@_2Economic Profile, N20, 2020 While in Georgia the annual premium attracted is 144 GEL per capita, 12 GEL per month.
Table #4 Insurance premiums per capita in GDP Rank Country 1 2 3 4 Cayman Islands Hong Kong Switzerland Denmark Ireland 5 Taiwan 6 Luxembourg 7 Singapore 8 9 Finland 10 Netherlands Total premiums per capita Rank Country Total premiums as a percent of GDP $11,642 1 8,863 2 6,934 3 6,289 4 5,253 5 5,161 6 5,001 7 4,958 8 4,926 9 4,890 10 Taiwan Hong Kong Cayman Islands South Africa South Korea (2) United Kingdom Denmark Finland Netherlands France 20.88% 18.16 17.51 12.89 11.16 10.61 10.37 9.87 9.24 8.89 Source: https://www.iii.org/publications/insurance-handbook/economic-and-financial-data/world-insurance- marketplace Includes nonlife and life insurance and cross-border business.
April 1, 2018 to March 31, 2019.

Source: Swiss Re, sigma, No.

3/2019.

The share of insurance premiums (USD) of 10 advanced countries per capita - 2018 Diagram #4 Sorce: https://www.iii.org/publications/insurance-handbook/economic-and-financial-data/ world-insurance-marketplace 68 trjyjvbrehb ghjabkb7 1@_7 @_@_2Economic Profile, N20, 2020 In advanced countries, the share of insurance premiums in total GDP is also high (see diagram 5): 10 advanced countries' insurance premiums share in GDP in 2018.
Diagram #5 source: Market Reports 2019 International Monetary Fund.

23 April 2019; www.insurance.gov.ge While in Georgia the similar figure is 1.17%.

It can be objectively assumed that these data loss in the amount that is the real value of his vehicle.

from foreign countries are due to the high culture However, in the event of a claim and liability, the of insurance in general and the stable income of the claim may threaten the entire personal property of society in general.
the person and indefinitely extend the amount as the According to the independent financial internet plaintiff always tries to take more than what is offered.

portal, there are several main reasons for liability Appropriate legal support is therefore required from insurance that motivates people to purchase this this situation.
insurance: 4) Risk of positions of authority: CEOs, members 1) "litigious" attitude of members of the community of the board of directors or business owners need to towards each other - it is possible for the parties to take on more responsibilities than other individuals.

file a complaint to each other on any issue, even in Because they are often responsible for accidents in cae of a non-serious request.

However, if there is any the office.


Certain professions, such as property, and legal basis, this may be the cause of the complaint.

It securities managers, are characterized by an even is impossible to avoid legal protection costs for such higher risk of loss.

For example, if a stock, securities reasons.

Therefore, there is a necessary insurance that manager loses money to a number of clients, these covers legal costs and possible material compensation.
people can file a group lawsuit for an almost limitless 2) High financial status - often becomes a reason amount.

The board of directors of any company is for complaints from members of the community as responsible even if the stock debt or pension funds they try to get income from such people.

are mismanaged.
are mismanaged.

3) Risk of indefinite claim (unfinished claims) - in the case of a personal vehicle, the citizen may suffer a 69 trjyjvbrehb ghjabkb7 1@_7 @_@_2Economic Profile, N20, 2020 5) Risk of the other party claiming: There are I think this should be possible because if the always opponents in a successful business relationship insurance obligation is of a mass nature, then the who do not want to support the ruler.
On the contrary, insurance rate will not be high either, so at the expense they are trying to undermine his official reputation, of a large number of insurers the risks will be more for which they are preparing complaints.

Liability balanced and the fees will be more.

insurance is the best way for legal protection to • Social background (high level of resolve such a dispute.
unemployment) and low incomes Problems and future prospects for the For example, if we consider one of the leading types development of liability insurance in Georgia of liability insurance in the field of liability insurance As can be seen from the diagrams the MTPL product - compulsory motor third party liability insurance and is the leader among the types of liability insurance.

its estimated price, which can be determined by law, Other types of insurance are less developed.
The will cause great dissatisfaction with the terms of the main and leading type of liability insurance is less in single payment.

Studies in this area have shown that demand, although the dynamics are growing.
it is acceptable for the society to pay an average of The given diagram confirms the unfortunate fact: 5-10 GEL per month, while a massive payment of if not obligatory character, MTPL product would not 150-200 GEL will be impossible for a large part of have growing dynamics according to both premiums the population.

With this in mind, it is necessary to and number of policies.
Its high rate indicates the introduce an installment payment rule at the initial unwillingness of the population to buy other types of stage.

Then establish a single payment when the insurance products on a voluntary basis.
(Gigolashvili, population is financially ready for it 2012:250; Shatirishvili and Kakashvili 2012:326) In my opinion, the main problems that hinder the • culture Low risk awareness and lack of insurance development of civil liability insurance are: Insurance companies have a lot of work to do • Lack of compulsory insurance, which results in terms of marketing.
It is clear that not only the in a markedly minimal market share, and hence no awareness of a certain company and insurance product strong mechanism to shape insurance culture in is a problem, but also the importance and necessity of society.

insurance itself for an uncertain population.

Working Also, in my opinion, it is necessary to have in the field of education is not only the prerogative of compulsory insurance in such areas as e.g.
insurance companies, but also should be strengthened Professional liability of doctors, general civil liability by effective measures of the state.

of the landlord, civil liability related to the use of land transport, liability insurance of the employer, liability Some distrust of insurance companies • The introduction of compulsory insurance would insurance related to repair and construction works; be of great importance for building public confidence.
Private liability insurance of private security service, It is important to simplify the terms of the contract so liability insurance of tour operators, civil liability that covered cases are easily understood by consumers.

insurance of the object with increased technical Also, paid cases should be advertised periodically to danger.

70 give consumers confidence, not only in advertising but also in the obvious example of already paid losses.
The compulsory nature of insurance can have additional effects when a citizen who has come to the trjyjvbrehb ghjabkb7 1@_7 @_@_2Economic Profile, N20, 2020 company to purchase compulsory insurance becomes of tour operators), third party liability insurance in the acquainted with other conditions of voluntary field of telecommunications (cyber security), as well insurance.
In addition, the costs of the entire as in addition to retail insurance policies, homeowner community and universal health care program will be liability insurance is offered.

saved in terms of road and other treatment of victims, A separate issue is what stimulates the demand for which will be covered by insurance companies.

liability insurance products in Georgia.


Considering In my opinion, an important and progressive step the fact that several types of compulsory insurance should be the fact that the Government of Georgia is are provided in the Georgian market, we can say actively working on the issue of enacting mandatory that the demand for these products is conditioned by MTPL insurance under the Association Agreement this principle of obligation.
It is desirable that such with Europe, which will help capitalize the insurance mandatory insurance types as Motor TPL, Mal med market, increase financial flows, build public be introduced in Georgia in a timely manner, which confidence, build public confidence and interest.

It will help protect the public interest and properly is expected that if this insurance becomes mandatory address financial flows.
again, the insurance market share will increase by about 122 000 000 million GEL (average guidance References premium 120 GEL per car, total number of actively 1.

Shatirishvili, J. Kakashvili, N. (2012) Insurance registered cars 1 018 487 cars), which will lead to a case.

Tbilisi.

jump in the entire sector.

2.

Gigolashvili, (2012) Insurance case.

The introduction of compulsory MTPL insurance 3.


Tsertsvadze A., Khantadze G., Vekua D., (2016) will also be of great importance for joining the Insurance Case.

Tbilisi.

EU single insurance market, which will facilitate 4.

LEPL State Insurance Supervision Service, Inclusion in the so-called international civil liability Insurance Market Statistics insurance "Green Cards" system.

URL: http://insurance.gov.ge/Statistics.


Another step forward is the fact that from March aspx?lang=ka-GE available: 26.11.2020 1, 2018 it became mandatory to purchase MTPL 5.

Order of the Head of the Accounting, Reporting insurance for foreign car owners entering Georgia and Auditing Supervision Service №12 October 17, for the entire period of their stay in Georgia, which 2016 significantly increased the amount of policies and 6.
Resolution of the Government of Georgia premiums issued in this type of insurance.

79579, December 28, 2017; (Amendments: Conclusion Resolution of the Government of Georgia №177 In conclusion, the level and stages of development March 29, 2019) of liability insurance correspond to the level of demand 7.

Law of Georgia on Insurance - Parliament of in the market.

We can not say that the field of liability Georgia, Tbilisi, 02.05.1997; insurance is not developed in Georgia, because for 8.
Market Reports 2019 International Monetary years the insurance market offers both corporate and Fund.

23 April 2019; retail insurance customers with different coverage 9.

URL:https://www.finweb.com/insurance policies.

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72 trjyjvbrehb ghjabkb7 1@_7 @_@_2Economic Profile, N20, 2020