2nd Caucasus International Banking and Finance Conference ends today

Arku Tsertsvadze, chair of Georgian State Committee for Insurance, there are 14 licensed insurers in the country and the minimum limit for the authorized capital is GEL 1 million.

"For 2006 all the insurance companies collected GEL 70.5 million in premium, up 15% from the previous year. The premiums came 25% from medical insurance, 20% from property insurance and 10%-15% from act liability insurance," he noted.

He added that Georgia doesn't apply compulsory type of insurance services.

Discussions on the impact of banking sector on the economy, application of advanced financial and banking technology and other related issues are under way. Supported by Iteca Caspian, a group of reporters, APA reports.