Davit Onoprishvili, Head of the Insurance Supervision Service says that post-pandemic 2022 has been resilient for the insurance industry, but the market still needs new products.
"2022 was not particularly different from 2021. There was a pandemic for 3 years and it would not be easy to recover from the pandemic quickly. The market did not decrease, there was growth. 2020, 2021 and 2022 were almost similar, although the total capital increased slightly.
The market is sustainable as a whole, it's just that the market needs new insurance products that are already being developed around the world - two main products are life insurance and motor third-party liability insurance.
The introduction of third-party liability insurance for automobiles will increase the market to 30%, which obviously means a lot and will be a new stimulus for the market," he said.
Accoridng to him, the total premiums collected by the insurance company will increase by 300 million in the case of the introduction of motor third-party liability insurance. The total premiums amounted to GEL 910 million as of 2022.
