Head of SARAS participated in the International Insurance Conference of Georgia 2025

The International Insurance Conference of Georgia 2025 took place on 12–13 June 2025 at the Sheraton Hotel in Batumi. It was organized by the Insurance State Supervision Service of Georgia and XPRIMM, an international insurance media and event organizer. 

The event served as an important platform for discussing global trends, regulatory standards, and technological developments in the insurance sector, as well as for sharing international practices and experiences in the area of sustainability. The conference brought together representatives from the public and private sectors, regulatory bodies, insurance companies, international organizations, and other stakeholders from the industry. 

On the second day of the conference, 13 June, David Mchedlidze, Head of the Service for Accounting, Reporting and Auditing Supervision (SARAS), delivered a presentation: Sustainability in Georgia’s Insurance Sector: Aligning with Global Trends. He focused his presentation on the ongoing reforms in the field of sustainability reporting and the key processes related to harmonizing Georgian and EU standards. 

The presentation covered the following topics:

• Georgia’s obligations to implement EU Directives (2006/43/EC, 2013/34/EU, and Regulation 537/2014);
• The transition from non-financial to sustainability reporting;
• Collaboration with international organizations – including the World Bank and IFC – to raise awareness and develop guidance materials;
• The translation and interpretation processes for the European Sustainability Reporting Standards (ESRS), including the activities of a dedicated expert committee and the establishment of unified terminology;
• The legislative update process aimed to ensure the legal implementation of the Corporate Sustainability Reporting Directive (CSRD).

David Mchedlidze also highlighted the 'Omnibus' amendments introduced by the EU's temporary decision, which allow reporting deadlines to be postponed until 2027 and permit the voluntary application of the standards. From the SARAS’ perspective, these changes provide an opportunity for Georgia to gradually incorporate the CSRD and associated audit requirements into its national legislation.

SARAS's active participation in the international insurance conference once again demonstrates Georgia's commitment to strengthening the field of sustainability reporting and prioritizing the consistent implementation of EU directives in the country's development agenda.