Insurance Day
May 2 marks Insurance Day in Georgia. Each year, the Insurance State Supervision Service of Georgia (ISSSG), with the support of its partner organizations, commemorates this occasion by organizing Insurance Week. Today, the concluding event of Insurance Week took place at the Pullman Hotel, hosted by the ISSSG.
Distinguished guests and attendees were addressed by high-ranking officials, who emphasized the importance of key priorities in the field of insurance, among the speakers were: the Minister of Internally Displaced Persons from the Occupied Territories, Health, Labor and Social Affairs of Georgia, Mr. Mikheil Sarjveladze; the Minister of Environmental Protection and Agriculture, Mr. David Songulashvili; the Deputy Minister of Economy and Sustainable Development of Georgia, Mr. Irakli Nadareishvili; the Chair of the Sector Economy and Economic Policy Committee, Mr. Shota Berekashvili; the President of the National Bank of Georgia, Ms. Natia Turnava and the Chairman of the Georgian Competition and Consumer Agency, Mr. Irakli Lekvinadze.
In his speech, the Chairman of the ISSSG focused on key priority issues, including raising public awareness of insurance, promoting the popularization of insurance, and providing the consumers with information regarding their rights.
Financial education becomes increasingly important globally, becoming an essential aspect of every citizen's life. An individual's ability to effectively manage personal finances directly influences their financial stability, success, and overall quality of life. Practical knowledge of financial planning and management empowers individuals to make informed decisions in their daily lives—decisions that can have a profound and lasting impact on their lives.
“Raising awareness about insurance is a shared responsibility between the ISSSG and the insurance sector. I would also like to highlight the active involvement of the private sector, which undertakes various educational, informational, and engaging campaigns, develops materials, and disseminates relevant information,” – Mr. David Onoprishvili stated in his speech.
He explained: “Along with the growing public awareness of insurance, the 2024 results indicate that the insurance market is characterized/experiencing dynamic growth. Annual premium collections from insurance activities continue to rise, surpassing one billion GEL for the first time in 2023. According to last year’s data, premiums increased by a further 18%, reaching 1.259 billion GEL. Last year, we developed the 2025–2029 development strategy of the ISSSG. Aligned with our mission and objectives, the strategy outlines four priority areas, one of which is consumer protection and promotion of financial education. International relations also represent a key area of the ISSSG’s activities, enabling us to engage in global processes and strengthen our presence on the international stage."
As part of the event, which was moderated by Ms. Nino Niavadze, Head of the Legal Department at the ISSSG, Ms. Mariam Koshoridze, Head of the Consumer Protection and Financial Education Division, made a presentation on the ISSSG’s 2024 achievements in the scope of consumer protection and financial education.
Additionally, a discussion was held under the moderation of Ms. Mariam Koshoridze, Head of the Consumer Protection and Financial Education Division, with the participation of the following organizations:
Insurance companies - Aldagi; BB Insurance; Insurance Union; Compulsory Insurance Center; Insurance and Reinsurance Broker Greco Georgia.
The Insurance Day event was attended by representatives of the legislative and executive branches of the government, the insurance and economic sectors, as well as non-governmental and international organizations. The event was moderated by Giorgi Abashishvili.
"On May 2, 1997, the first Law on Insurance was signed. As a part of the National Strategy for Financial Education and according to the ISSSG initiative, with the active involvement of the insurance sector and support of the Georgian Insurance Association, Insurance Day was celebrated for the first time in Georgia on May 2, 2022."