The Chairman of the Georgian Competition and Consumer Protection Agency (GCCA) addressed the participants of the event on the occasion of Insurance Day with a welcome speech.
The Chairman of GCCA congratulated insurance sector representatives on Insurance Day and noted that the insurance market is developing under active competition.
Irakli Lekvinadze noted, “The insurance market of Georgia is steadily developing, there is a potential for expansion, new companies are coming in, the shares of leaders often change, which indicates active competition.”
“The insurance market is developing under active competition; the concentration index (competition quality) in different types of insurance is different.” “There is potential for market expansion, new companies are coming in, frequent leaders and leading companies’ shares are changing, which indicates active competition,” the GCCA chairman said.
According to him, the Competition and Consumer Protection Agency has made significant decisions in the framework of research and monitoring, insurance, and bank guarantees.
The Chairman also said, “We have taken some important decisions within the scope of research and monitoring, highlighting the insurance and bank guarantee case, when recommended, there was no difference in the procurement process, including significantly promoting competition between sectors.”
“Also, important were the 6 recommendations made in the field of bank insurance, on which the work process is underway. This should help customers choose the insurance company with the best terms when taking a loan. Also, a number of decisions have been made regarding issues related to unfriendly competition, dominance, and competition with administrative authorities. Also, I would highlight the merger process of several insurance companies that were agreed upon and were compatible with the competitive environment. Along with the Insurance Oversight Services, we have 2 important platforms – the International Competition and Consumers Conference, traditionally held in November, and Consumer Protection Week, where we work to raise awareness in the regions. “I would allocate our united national strategy in the direction of consumer protection, which means many important joint activities in 2025-20Irakli Lekvinadze27,” noted .
