Euroins Insurance Group to Launch Georgian Insurance Market

Insurance company ‘IC Group’ has been sold and has become a member of a major Eastern European insurance company – Euroins Insurance Group (EIG).

The press conference and the agreement-signing ceremony were hosted by the Rooms Hotel on December 11. To complete the first phase of the merging process, Georgia was visited by the Deputy CEO of EIG, Georgi Markov, and the Director of the Board of Directors, Cagatay Uludag, who will also join the Board of Directors of Euroins Georgia in the position of Strategic Development Director.

‘IC Group’ will continue to operate on the market under the name of ‘Euroins Georgia’ and will fully implement the practices of the European insurance company, international experience and modern insurance system already approved in Europe, which are eligible for the local consumer market.

At the conference, the representatives of EIG stated this investment in Georgia is a strategic step forward for their company. “We see Georgia as a country with great potential, potential for developing insurance practices and other spheres,” stated Markov.

The main reason for their decision to enter Georgia is the healthy business environment, economic growth and the dynamic development forecasts of the insurance sector, he noted.

It was also said that Euroins Georgia will implement diverse insurance services, including cyber security, vital for decreasing vulnerability towards cybercrime. It is also planned to offer customers more comfortable ways of using a wide range of EIG services, such as by mobile application, which will give them an opportunity to purchase a number of services and receive the revenue online. Security and innovative programs were announced as the major priorities for the Euroins Insurance Group.

Aside from attracting foreign investment, Euroins Insurance Group will also import western expertise and knowledge to Georgia. It is planned to rotate company colleagues  in the insurance companies and training centers of different European countries. Foreign specialists will come to Georgia, enabling the company to share knowledge and experience.

Insurance Company ‘Euroins’

Euroins Insurance Group represents one of the major insurance companies operating in the Central and Eastern European markets. The company is oriented on the full spectrum of insurance services. The company, founded in Bulgaria functions in 8 European countries. The company has subsidiaries in four of these countries: Bulgaria, Romania, Macedonia, and Ukraine. In 2014 Euroins started operating in Greece. EIG has approximately 1600 employees, while the number of customers reaches more than 2.5 million. The annual revenue of the company is half a billion Euro.




Insurance Company ‘IC Group’

‘IC Group’ was founded on November 10, 2005 and since then has offered a full specter of services to its customers. The company is actively involved in the implementation process of legislative regulations, as the member of the Chamber of Commerce and Industry (France, Georgia), Business Association of Georgia and Georgian Insurance Association.

Currently, there are more than 100 highly qualified employees in the company, some of them having the experience of more than 20 years of working in insurance field.

‘IC Group’ is socially responsible company, respecting traditions and aspects of business ethics.


By Ketevan Kvaratskheliya

Image source: IC Group

12 December 2018 20:37