Prospects for the development of liability insurance in the Georgian insurance market

Insurance is an essential attribute of economic development in almost any country in the world.In a market economy terms, it is unthinkable for the economy to function successfully without the development of the insurance market.Today, insurance is not so developed in Georgia though various factor gives us means to assumption, that in a few years the Georgian
insurance market will reach high level of development. It wouldn't be an exaggeration to say that to have an insurance policy In Georgia is a luxury, because a big part of the population can't buy it and the reason for it is that In Georgia lives many humans who are on the poverty line or over the line of poetry. Insurance market’s one of the important products is insurance of responsibility. In responsibility insurance participates three people, first and second are insurer and underwriter and whereas third- every potential individual who may be liable for damages through the fault of the insured. Obiect of insurance is responsibility.
Liability insurance is not so developed in Georgia, but there is a lot of potential in this regard. Developing liability insurance is one of the best ways for developing the insurance market. It is therefore necessary that effective steps be taken at this angle and liability insurance becomes obligatory, in particular means of transportation’s liability insurance. This law will lead to significant changes in the insurance market, the public will understand the need for insurance and the pros sides, There will be more interest in different insurance products. Insurance market’s develop is most important for a country's economic.