The Role of Property Insurance and Development Stages in Georgia

Abstract

In a market economy, insurance is considered a significant part of finance. However, as it is well known, the interest of the population in insurance products in Georgia is low, due to a variety of factors, including distrust towards insurance companies, low incomes, and limited awareness of the insurance sector. The market share of property insurance is very small compared to other European countries, where this product has long been established and functions successfully. It is essential for our country to implement appropriate reforms to promote better understanding and general awareness of the insurance sector.

Keywords: market economy, insurance product, property insurance, market share, insurance event