Georgia Insurance Market: – Georgia is a Eurasian country located to the East of Black Sea, bordering Turkey and Armenia to the South and Azerbaijan to the East. The country has a Mediterranean climate and is a tourist attraction for its historic attractions, cultural appeal, and countryside stay. However, it is one among the poorest countries in the Soviet Union, and pre-independence, many people living in the rural areas were unemployed and had very limited access to health care service, let alone insurance. After its independence from the Soviet Union, Georgia had to maintain a highly centralized, State-operated health care system. After several reforms, the health care system was decentralized and market-driven. The country has various health programmes to provide health care to all but it faces inequality in terms of accessibility to the rural areas.
In 2013, Universal Healthcare (UHC) program was launched to address the high costs in private healthcare in Georgia. Seeing potential and success, this program replaced the existing government healthcare programs. UHC provides basic health care coverage to the entire population. The growth of healthcare in Georgia is immense due to many reasons. The increase in population, rising health awareness, growth of technology and private players, supportive governmental initiatives, growing awareness of the benefits of medical insurance and favorable demographics make Georgia a country with full potential for life insurance.
Ken Research’s The Insurance Industry in Georgia, Key Trends and Opportunities to 2022 gives a comprehensive overview of the Georgian economy and demographics and details on the competitive landscape in Georgia. The report gives a detailed analysis of the natural hazards in the market, distribution channels and the regulatory policy prevailing in Georgia. It offers a detailed analysis of the key segments in the Georgian insurance industry, with market forecasts to 2022. It covers an exhaustive list of parameters, including written premium and claims, analyses the various distribution channels in Georgia and profiles the top insurance companies in Georgia, and outlines the key regulations affecting them. The report will help in making strategic business decisions by analyzing demand-side dynamics, market trends, and growth. The report will be detrimental in identifying competitors and regulations governing the market and make sound decisions therein. The key market players in Georgian insurance market are JSC Insurance Company GPI Holding, JSC Insurance Company Aldagi, JSC Insurance Company Imedi L, JSC Insurance Company Unison, JSC Insurance Company Ardi Insurance, JSC TBC Insurance, JSC Insurance PSP, JSC International Insurance Company IRAO, JSC Insurance Company IC Group and JSC Insurance Company ALPHA.
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Ankur Gupta, Head Marketing & Communications