Pension Fund

Insured Georgian Airspace

“Sakaeronavigatsia” Ltd. of the Ministry of Economy and Sustainable Development of Georgia and the insurance company “Unison” signed the agreement today, according to which in case of any aviation incident in the Georgian airspace by the reason of “Sakaeronavigatsia” Ltd., the rights of affected individual will be fully protected and damage will be reimbursed.

Mr. Dimitri Kumsishvili – Prime-Minister, Minister of Economy and Sustainable Development of Georgia attended the signature event. He assessed the fact of execution of the agreement positively and declared, that insurance of the Georgian airspace will make our country even more attractive for foreign aeronautical service providers from a number of countries and, therefore, for airlines. This will be new incentive and motivation for their cooperation with our country.

“Sakaeronavigatsia” Ltd. took liability for airspace insurance in 2014, after joining the EUROCONTROL, this was recommended by the international aviation organizations as well. Working on this project started 2 years ago. The process was complicated, neither “Sakaeronavigatsia” Ltd., nor insurance companies had the experience in this regard. The requirements and conditions of the international aviation organizations were strictly defined.

“Sakaeronavigatsia” Ltd. relied on the European experience; the management also went through various consultations with the aeronautical service providers of various countries.

In 2016, the insurance company “Unison” was announced as the winner in an open tender, therefore it took the task and civil liability for reinsurance within 500 million USD by 100%. The reinsurance companies, upon request of “Sakaeronavigatsia” Ltd, are registered in the OECD (Organization for Economic Cooperation and Development) member state and their international assessment rating is at least Standard & Poor's: A-.

The aerial project of Georgia is also the act of national importance, which releases the Government of Georgia from financial liability, resulted from the possible aviation accident within million 500 USD.