Some insurance companies claim that awareness of property insurance is very low. According to the companies, both businesses and individuals do not insure their properties and they pay the loss themselves. As of the assessments, property insurance policies are mainly concentrated in those companies that are affiliated with the banking sector, so it is necessary to establish fair competition conditions in the market in this direction as well.
Mikheil Japaridze, the general director of the company Ardi, says that a large share of property insurance policies is mainly related to bank loans.
"In the case of property insurance, there is very little growth, the market is very sluggish, and nothing special is happening. In general property insurance is very cheap and the share is small. People and businesses rarely insure their property. Property insurance is not carried out even though the products exist.
One of the most important factors is to increase awareness of property insurance as a tool. The state should be involved, which we don't see today", - Mikheil Japaridze said.
Founded in twenty ten, ARDI became one of the sophisticated insurance service provide in Georgia having continual development pipeline since its inception.
