In 1992 the Association of Statisticians of Georgia was founded.  Within the scope of the association sections of insurance and mathematical demographics where functioning together with many other sections. On the basis of these sections, in 1998   new Association   of Actuaries and Financial Analysts (AAFA) was founded, founders of which are:

  • Omar Ghlonti;
  • Nanuli Lazrieva;
  • Teimuraz Toronjadze;
  • Mikheil Mania;
  • Guram Mirzashvili;
  • Levan Jamburia;
  • Tamar Qavtaradze;

In 1998-1999 the project “Development of Association of Actuaries and Financial Analysts” was implemented with the support of Fund “Eurasia” in AAFA. The following Educational Brochures were published in the framework of this project:

  1. “Profession of Actuary”, G.Mirzashvili;
  2. “Effective Financial System”, N.Lazrieva, T.Toronjadze;
  3. “Basic Principles of Insurance in Mathematical Perspective”, M.Mania, G.Mirzashvili.

Also in November, 1999, the first conference was held, in which besides the representatives of the Insurance Association, State Supervision Service, Insurance Companies and the representatives of other Georgian financial Institutions, foreign experts were involved:

  • Norman Crowder – Former President of Community of Actuaries of USA;
  • Richard Baden –Leading Actuary of  UK Government Actuary Department;
  • Hugh Sutherland – Actuary working in London Actuary Institute.

In the framework of the same project, TV programs and newspaper articles were produced, which helped promotion of the actuarial profession. In 2000, AAFA became a member of the International Association of Actuaries (IAA). Since 1998, the Association has been actively involved in the meetings of the leaders of the Eastern, Central and South European actuaries, organized by the IAA, which are held every two years. In the summer of 2000, the association members took part in the training course “Training for Trainers” organized by Institute of Actuaries, which was held in Oxford and Cambridge. In 2001, Non-State Pension Scheme of the National Bank was developed by AAFA, being the first case of such work performed in Georgia.

AAFA has a close relationship with the Georgian Insurance Association, Insurance State Supervision Service, insurance companies and other financial institutions. From the day of its establishment, the training courses were conducted periodically in AAFA, where members of the association and other interested persons took part.

Since 2007, AAFA and its members are involved in reforming Georgia’s health care system. By order of the Ministry of Labour, Health and Social Affairs, the Association Working Group has developed and evaluated the insurance package of the first state insurance program for the population below the poverty line. Almost every state insurance program existing today uses any variation of this package.