Organized by media brand, XPRIMM, International Insurance Conference was held in Tbilisi, on May 20th.
The conference was held for the third time and was entirely dedicated to the Georgian insurance industry. The speakers addressed the matters of impacts of a pandemic on the Georgian insurance market, current year trends, health insurance market challenges, and ways to develop the Georgian insurance industry.
One of the speakers was Paata Lomadze, General Director of GPI Holding, who discussed the matters of health insurance market challenges.
"Due to the fact, that we have the largest share of the health insurance market, we clearly see the changes that have occurred in this market as a result of COVID pandemic. Given that, the general economic background has deteriorated, and the biggest challenge we face now is the sudden inflation in the health sector. We form one-year agreements with our clients, which terms are not changed throughout the year, however, because of the economical situation, we have extremely high inflation, which increases the prices of medical services, treatment, and medicine. Therefore, making a profit and at the same time staying competitive remains one of the biggest challenges today."
The conference participants talked about the changes that took place in the insurance market during the pandemic. Lomadze noted that health insurance was the most stable product in 2020, the number of people wishing to purchase insurance increased, and access to medical services was sharply reduced. However, according to him, the demand for health services has increased dramatically this year.
Participants of the conference also addressed the issues of changes in the insurance market during pandemic.
As Paata Lomadze mentioned, health insurance was the most stable product in 2020, the number of people wishing to have insurance increased, while access to medical care was drastically reduced.
However, the demand for healthcare services has risen. Insured people postponed their healthcare services because of the pandemic and safety. At this moment, the demand is high, which is also one of the challenges of the market to stay stable.
Up to 150 delegates from 15 countries attended the 3rd International Insurance Conference of Georgia. The event was held online due to the pandemic.
Georgian International Insurance Conference is the most important event on the Georgian market dedicated to insurance and reinsurance, and a top-level platform for the exchange of business insights. Launched in 2019, the annual event continued in 2021 with a digital edition, addressing the most important issues lying ahead in the local insurance industry, involving all relevant stakeholders.
