Posted: 4 years ago

Paata Ghadzadze: We Have Compensated over 2 million GEL in Online

“Nothing positive is happening in the insurance sector, but I believe we should stay positive”, TBC Insurance director general Paata Ghadzadze told the Business Course, when appraising the COVID-10 effect on insurance industry.

Travel insurance will disappear, in practice, because this sector records a major downturn, he said.

“Insurance sector was also affected. Travel insurance will disappear, in practice. Currently, it has shrunk by about 80%, but I believe we should stay optimistic in this part, because the more risks, the more opportunities in insurance industry.

For instance, we have unprecedented ratio in serving losses through digital channels. Only our company has remunerated more than 2 million GEL losses for 2 months. We didn’t have similar experience in previous years in terms of distance compensations. At this stage, we have important mobility in term of agribusiness insurance. Tourism insurance will also reflect these tendencies”, Paata Ghadzadze noted.

The TBC Insurance director general believes that there are much more opportunities in insurance sector, compared to other industries, however, corresponding environment and development are required.

“As for insurance business, naturally, there are regulations, legislative initiatives that opens various opportunities to this industry, however, many initiatives were suspended amid the pandemic… The obligatory insurance has been postponed, while this direction was to become one of the locomotives”, Ghadzadze said.