On October 18–21, 2016, the Agricultural Projects’ Management Agency (APMA) and Georgian insurance company representatives from Aldagi, GPI Holding, Ardi and IC Group visited Madrid, Spain for an exposure visit financed by PAFAI project. The exposure visit was organized by Business & Finance Consulting (BFC) within the framework of the project PAFAI (Promoting Access to Finance and Agri Insurance) funded by Swiss Cooperation Office for the South Caucasus (SCO).
The main aim of the visit was to study the model of the Spanish insurance market and adapt it for use in Georgia.
During the visit, meetings were held with the agricultural insurance management company Agroseguro and the Loss Adjusters Association of Spain (APCAS). Participants of exposure visit also met with representatives of different Spanish state structures: the Entity for Agricultural Insurances (ENESA), the Public Reinsurer of the System (CCS) and the Agri Food Cooperatives Association.
At the meetings, Georgian and Spanish counterparts discussed ways in which the Spanish model could be adapted and introduced in Georgia, particularly in terms of:
- Agricultural insurance system
- Design of agricultural insurance products
- Management of agricultural insurance underwriting, and
- Assessment of damages
Among the participants from Georgia were Mariana Morgoshia, the director, and other representatives of APMA, the representatives of four Georgian insurance companies (GPI Holding, Aldagi, Ardi and IC Group) and the representative of the Swiss Cooperation Office for the South Caucasus.
BFC is a Swiss based consulting company specialized on financial sector development and active in Georgia since 2003. The PAFAI project has been implemented since May 2015 with the financial support from the Swiss Cooperation Office for the South Caucasus. The purpose of the project is to promote the expansion of agrofinancing and agroinsurance to farmers to increase their profitability and income stability, thus strengthening the agricultural sector of Georgia.
For additional information, please refer to PDF Press Release.