Opening Ceremony of the 3rd International Consumer Protection Week Held
The opening ceremony of the 3rd International Consumer Protection Week took place, organized by the Insurance State Supervision Service of Georgia (ISSSG), the National Competition and Consumer Protection Agency, the Georgian National Energy and Water Supply Regulatory Commission (GNERC), the National Bank of Georgia, the Communications Commission and the National Food Agency.
The event was opened by David Onoprishvili, chairman of ISSSG. He emphasized the important activities carried out in the insurance sector in 2024 to protect consumer rights and highlighted the achieved results, existing challenges and future initiatives.
“In Georgia, the insurance sector is currently going through important stages of development. Georgian insurance market grew by nearly 19% in 2024 compared to the previous year. One of the priorities of our Service is ensuring a high standard of consumer protection, the proper functioning of the insurance market and preventing unfair practices. Accordingly, the Service actively monitors industry developments and studies international best practices to align with European standards. The fulfillment of obligations under the Association Agreement and the processing of relevant directives are ongoing.
As part of consumer protection efforts, minimum requirements for travel insurance were introduced on March 1, 2024, enhancing policyholder rights and market transparency. As a result, the level of consumer protection and awareness of the travel insurance product has increased. These changes are expected to significantly contribute to the growth of healthy competition in the travel insurance market. Additionally, last year we developed and implemented a recommendation clarifying the grounds for denial of claims due to gross negligence in indemnity insurance. Also, last year we developed and implemented a recommendation that specifies the grounds for refusal due to gross negligence in damage insurance. The implementation of measures outlined in the recommendation should ensure transparent contractual terms, thereby strengthening consumer rights, increasing trust in insurers, and ultimately fostering the development of the insurance market. Furthermore, in 2025, a new Consumer Information Standard related to outstanding debt and the termination of insurance policies will come into effect. This standard was developed last year,” David Onoprishvili said in his speech.
Chairman of Insurance State Supervision Service of Georgia also highlighted the new “Voluntary Private Pension” law, the reform aims to develop the relevant market, ensure fair competition and financial stability, promote long-term investments and protect the interests of participants and beneficiaries.
In 2024, the Service achieved significant results in international cooperation with its partners. This is evidenced by the election of the Chairman of Georgia’s Insurance State Supervision Service, David Onoprishvili, as a member of the Executive Committee of the International Association of Insurance Supervisors (IAIS). In this role, he represents 30 countries from Central and Eastern Europe as well as the Caucasus region. According to him, this status not only brings responsibilities but also presents an opportunity for Georgia to strengthen cooperation at both bilateral and regional levels. Notably, in 2025, for the first time, Georgia will host the 24th International Conference of Central, Eastern and South-Eastern European Insurance Supervisors (CESEE ISI) with delegations from 20 countries.
“To enhance public awareness, we actively support financial education initiatives and conduct ongoing working meetings with various target audiences. It is important that, during the 3rd International Consumer Protection Week, which begins today and includes meetings with residents in Akhalkalaki, Zugdidi and Batumi, a key focus is on engaging ethnic minorities and people with disabilities, strengthening their awareness and inclusion. To empower the sector, it is crucial to educate consumers so that every citizen knows how to protect their rights and whom to approach in case of violations,” stated David Onoprishvili.
To further strengthen consumer protection and awareness, in 2024, the Government of Georgia endorsed the first National Consumer Protection Strategy, within this framework, six regulatory agencies are implementing significant joint initiatives to enhance consumer protection standards in Georgia.
The opening event of Consumer Protection Week was held on March 10 at the Pullman Hotel in Tbilisi, where six regulatory agencies responsible for consumer rights protection reviewed their achievements, challenges and enforcement mechanisms. As part of the week’s activities, consumer awareness meetings will be held in different regions: Akhalkalaki on March 12, Zugdidi on March 14, and Batumi on March 15.