The Chairman of the Georgian Competition and Consumer Agency (GCCA), Irakli Lekvinadze, delivered opening remarks at the event dedicated to Insurance Day.
In his address, the GCCA Chairman congratulated representatives of the insurance sector and noted that the market continues to develop under conditions of active competition.
“The insurance market operates in a competitive environment. The degree of concentration varies across different lines of insurance. There is clear potential for further market development, new entrants continue to enter the market, and both market leadership and market shares are subject to frequent changes, which is indicative of a dynamic competitive structure”, Irakli Lekvinadze stated.
He further underlined that the Georgian Competition and Consumer Agency has adopted a number of significant decisions within the framework of its investigative and monitoring activities, with particular reference to the insurance and bank guarantees sector.
“In the context of our investigative and monitoring functions, the Agency has adopted several important decisions. I would highlight the case concerning insurance and bank guarantees, in which a recommendation was issued to ensure non-discriminatory treatment in public procurement procedures. This intervention has contributed to strengthening competition across the relevant sectors. In addition, six recommendations were issued in the field of bancassurance, with the implementation process currently ongoing. These measures are expected to facilitate consumers’ access to more favourable insurance conditions when obtaining credit. The Agency has also adopted a number of decisions concerning unfair competition, abuse of dominance, and competition-related issues involving public authorities. Furthermore, several merger transactions in the insurance sector were approved as being compatible with the competitive environment. Together with the Insurance State Supervision Service, the Agency operates two key platforms: the International Conference on Competition and Consumer Protection, traditionally held in November, and Consumer Protection Week, which includes regional awareness-raising activities. In the area of consumer protection, I would also underline the Unified National Consumer Protection Strategy for 2025-2027, which provides for a broad set of coordinated initiatives”, Irakli Lekvinadze noted.
Welcome remarks were delivered by the Head of the Insurance State Supervision Service, David Onoprishvili; the Chair of the Budget and Finance Committee, of the Parliament of Georgia, Paata Kvizhinadze; the Minister of Internally Displaced Persons from the Occupied Territories, Labour, Health and Social Affairs of Georgia, Mikheil Sarjveladze; the Minister of Environmental Protection and Agriculture of Georgia, David Songulashvili; the Deputy Minister of Education, Science and Youth of Georgia, Zviad Gabisonia and the member of the Supervisory Board of the Insurance State Supervision Service and President of the Business Association of Georgia, Soso Pkhakadze.
