Open AccessImpact of Covid-19 on Georgian Insurance System
Author(s) -
Ilia Kozhoridze
Publication year - 2022
Publication title -
sosyal araştırmalar ve davranış bilimleri dergisi
Language(s) - English
Resource type - Journals
ISSN - 2149-178X
DOI - 10.52096/jsrbs.8.15.7
Subject(s) - business , context (archaeology) , business interruption insurance , key person insurance , general insurance , insurance law , insurance policy , risk pool , finance , solvency , casualty insurance , actuarial science , income protection insurance , market liquidity , paleontology , biology
Insurance companies, as representatives of financial intermediaries, have an important role in stabilizing the country's financial system. In the context of the Covid-19 pandemic, great importance is attached to the effective financial and operational management of insurance companies, not only to ensure the sustainability of the financial system, but also their efficient operations are one of the main guarantees of the solvency of insurance companies. The Covid-19 pandemic revealed the weaknesses that existed in the global insurance system and provided us with important data to address potential problems in the future. The current pandemic has also accelerated existing digitization trends. Insurance companies will have to innovate and adapt as much as possible to the needs of consumers in order to withstand stiff competition. The aim of the research is to assess the impact of Covid-19 on insurance companies in Georgia, to identify its features, as well as to identify potential problems and develop recommendations for their elimination. The subject of research is the operational and financial functioning of insurance companies in the conditions of the Covid-19 pandemic, and the object of research is Georgian insurance companies. Keywords: Covid-19, Insurance industry, Georgian insurance system, Insurance companies. Jel Codes: G01, G22.