This study provides information on the role of risk management in the insurance business. It presents different types of impacts that show us that every insurance company has to provide effective risk management process. Moreover, some major loss events in the history will be examined showing the possible outcomes. Research question of this paper is: “What is the role of risk management for companies economic growth and development for insurance sector?” H0- RM has an impact on economic growth and development of insurance sector To find the answer to research question we analyze all aspects of risk management. We provide information about Georgian insurance market and overview of companies. Also we analyze impact on fund capitalization and economic growth. International standards and requirement for risk management are analyzed. In particular, the paper encompasses The Solvency Directive: European regulations for insurance companies by three pillar approach. And also to answer the research question we did comparison between Azerbaijani, Armenian and Georgian insurance markets. Survey results show that, risk management, assessment and control is critical for organizations operations. It is important to define proper strategy and follow it in order to manage potential risks. Georgian market is developing and companies start to implement risk management function, however current level of managing risks is low.
This study examines the issues and challenges to the growth of entrepreneurship in Georgia. This investigation was informed by the fact that governments have strived to encourage the growth and development of entrepreneurship as an agent of economic transformation in recent times. This work therefore did a critical analysis of the challenges, with insight into their implications for the development of the Georgian economy. The importance of entrepreneurship is enormous, it expands the size of the economicpie for everyone, creates jobs, produces wealth, ensues dynamism of industries and long-run economic growth, engenders enormous personal financial gains, provides self-employment, develops more industries, processes local material to finished goods, generates income, more goods and services and develops new markets. These potentials could be fully exploited for the benefit of Georgian economy only if the challenges are specifically identified, tackled and addressed through effective policy formulation and implementation. But, in Georgia, the practice and development of entrepreneurship has generated divergent opinions from different experts. The research focuses on the ease of doing business and its problems and this study attempts to provide answers to these questions regarding the entrepreneurial development, problems and impediments in the country. This study is considered a worthwhile undertaking with the principal aim of examining various issues and challenges that inhibit the growth of entrepreneurship in Georgia. The paper thus seeks to achieve the following specific objectives: to identify factors that most likely inhibits the growth of entrepreneurship in Georgia; to ascertain the relationship between legislative environment and the entering barriers to the market; To ascertain the relationship between management problems (e.g. lack of managerial/technical skills) and the growth of entrepreneurship in Georgia and to ascertain the relationship between finance (e.g. lack of access to finance) and the growth of entrepreneurship in Georgia.
As Pension fund system is a cornerstone of countries economy, policymakers across the globe are still discussing about universal effective pension fund systems and struggling to implement and fit it to the country’s economy demography and financial system. From this point the main objective of this research topic was to test the effectiveness of new pension system reform in Georgia. It focuses on whether the reform will have positive effects on tackling poverty among elderly and bring to Georgian people real prosperity. The pension fund system represents the essential part of the economic policy. Moreover, it defines the social and political stability and future the development of the state economies. By other words, the simple objective of the pension system is to pay pensions to workers in their old ages and to protect elderly against the risk of poverty. As Pension fund system is a cornerstone of countries economy, policymakers across the globe are still discussing about universal effective pension fund systems and struggling to implement and fit it to the country’s economy demography and financial system. From this point the main objective of this research topic was to test the effectiveness of new pension system reform in Georgia. It focuses on whether the reform will have positive effects on tackling poverty among elderly and bring to Georgian people real prosperity. Despite of the central government announcement that the new system of accumulative pension was successfully adopted in the country, there are still hot debates and discussions in Georgian society including its fairness and effectiveness, which indicates the lack their awareness and involvement in this process.Since workers aged over 40 can opt-out from the pension system, hundreds of thousands among population will remain without a decent pension in the future. This will cause massive poverty in old age. The main aim of this paper is to analyze exciting pension fund reform in order to give people a clear understanding of reform. In the presented research, there is discussed the introduction and development reform of the pension system in Georgia. International experience is also analyzed on the example of other countries, specifically Armenia, Azerbaijan Estonia and Latvia. It also discusses the characteristic aspects of the pension model introduced in Georgia. Finally, paper also include Social research specifically opinion of Georgian people about the new pension systems.
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