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Insurance Companies to Leave the State Programs?

Published: July 8, 2013 | 12:37 pm
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The possibility of insurance companies leaving the State insurance programs has been raised. According to the data published by the Insurance Association, companies made losses of up to 98% in 2012 while insuring people living near the poverty line, and the Internally Displaced Persons. Incomes of 68 million GEL have been counter-balanced by losses of 71 million GEL during the period between September 2012 and February 2013. Will the companies be able to continue functioning in spite of these losses? This question is most frequently being asked in relation to the biggest loss-making companies, Archimedes Georgia and Aisi. Another one of the loss-making companies, Alpha, has already left the programs. The Director General of the Aisi Group and head of the Insurance Association, Giorgi Shengelia, has told TV3 that his company has no plans to follow suit. The Director Genral of Archimedes Georgia, Nika Ramishvili, has stated that the company is actively working with the Health Ministry to reduce the losses, while the question of whether or not to leave the State programs has not been discussed yet.

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