Natia Turnava Participates in Insurance Day Event

Governor of the National Bank of Georgia, Natia Turnava, took part in the Insurance Day event organized by the State Insurance Supervision Service.

In her address, Turnava highlighted the crucial role of insurance in fostering financial awareness among the population-an essential pillar of financial education.

She also underlined the strong collaboration between the State Insurance Supervision Service and the National Bank of Georgia’s Banking Supervision, Consumer Rights Protection, and Financial Education departments. According to Turnava, a well-developed insurance sector, offering a wide range of products and supported by knowledgeable consumers, is fundamental to the sustainable and efficient functioning of the economy.

"Insurance products are more than just financial tools-they are the foundation of economic stability and sustainable development. By converting potential financial losses into manageable risks, they foster greater confidence and stability within the financial market," she stated.

Turnava also addressed the growing relevance of credit risk insurance-a mechanism widely used by lending institutions in the financial sector. She noted that it plays a pivotal role in supporting small and medium-sized enterprises (SMEs) by creating a more secure lending environment.

“In today’s rapidly changing global and local economic landscape, credit risk insurance has become increasingly important. It not only mitigates risk for banks and financial institutions but also empowers SMEs to pursue financing and growth with greater confidence,” Turnava explained.

The Insurance Day event brought together representatives from legislative and executive bodies, the insurance sector, as well as local and international non-governmental organizations.

Georgia's first "Law on Insurance" was enacted on May 2, 1997. Since May 2, 2022, Insurance Day has been celebrated annually as part of the country’s National Financial Education Strategy.