Georgia – Flying High

MAI enjoys an almost unique position in Georgia, being one of only two firms of international insurance brokers present in the market and leads with the ability to facilitate both insurance and reinsurance programmes.

The market has seen many changes in the last five years. Historically it has been very strongly insurer-led, with brokers not being widely used, or restricted to motor insurance lines.

However, the arrival of more western-style insurance companies, for example Vienna Insurance Group taking over two well-established local carriers, has created opportunities for us to share our expertise and provide a higher level of service to our clients.

Investment drives progress

The inflow of foreign investment to Georgia has been a significant factor in changing the market landscape. MAI has developed a very strong portfolio covering the aviation and hotel industries, and is now the recognised leader in providing insurance to those sectors.

The expansion of Georgia as a major transit corridor through ports and pipelines is also driving a number of infrastructure projects, where MAI’s expertise provides strong benefits to investors and construction companies.

Reassuring carriers

Until recently the capacity of local insurers has been adequate for the country’s needs, but inward investment and changes in the insurance landscape means that the market is now demanding new classes of cover, with wider terms and much higher limits than previously needed.

MAI has been particularly helpful to a number of carriers in arranging reinsurance across a number of classes, including a very complex PI deal that called for highly specialised expertise and used our contacts in the London market.