Georgia

Location:
Southwestern Asia, bordering the Black Sea, between Turkey and Russia, with a sliver of land north of the Caucasus extending into Europe



Climate:

warm and pleasant; Mediterranean-like on Black Sea coast

Natural hazards:
Earthquakes

Currency: Lari (GEL)
1 EUR = 2.2656 Lari - GEL (December 31st, 2014)
1 EUR = 2.3891 Lari - GEL (December 31st, 2013)
1 EUR = 2.1825 Lari - GEL (December 31st, 2012)
1 EUR = 2.1614 Lari - GEL (December 31st, 2011)
1 EUR = 2.3500 Lari - GEL (December 31st, 2010)

Sources:
National Bank of Georgia
State Insurance Supervision Service

Insurance statistics

1Q2017Market portfolioxlsx
1Q2017Insurance Companies Rankingsxlsx
FY2016Market Portfolioxlsx
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FY2015Market Portfolioxlsx
FY2015Insurance Companies Rankingsxlsx
3Q2015Market portfolioxlsx
3Q2015Insurance Companies Rankingsxlsx
1H2015Market portfolioxlsx
1H2015Insurance companies rankingsxlsx
1Q2015Market portfolioxlsx
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FY2014Market Portfolioxlsx
FY2014Insurance Companies Rankingsxlsx
3Q2014Market portfolioxlsx
3Q2014Insurance Companies Rankingsxlsx
1Q2014Market portfolioxlsx
1Q2014Insurance Companies Rankingsxlsx
1H2014Insurance market overview pdf
1H2014Market portfolioxlsx
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1Q2014Market portfolioxlsx
1Q2014Insurance Companies Rankingsxlsx
FY2013Insurance market overview pdf
FY2013Market Portfolioxlsx
FY2013Insurance Companies Rankingsxlsx
1H2013Insurance market overview pdf
1Q2013
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1Q2013Market Portfolioxlsx
FY2012Insurance market overview pdf
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FY2012Market portfolioxlsx
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3Q2012Market Portfolioxlsx
1H2012Insurance market overview pdf
1H2012Insurance Companies Rankingsxlsx
1H2012Market Portfolioxlsx
1Q2012Market Portfolioxlsx
1Q2012Insurance Companies Rankingsxlsx
FY2011Market Portfolioxlsx
FY2011Insurance Companies Rankingsxlsx
3Q2011Insurance market overview pdf
3Q2011Market Portfolioxlsx
3Q2011Insurance Companies Rankingsxlsx
1H2011Insurance market overviewpdf
1H2011Market portfolio and rankingsxlsx

1Q2017 Market portfolio

1Q2017 Insurance Companies Rankings

STATISTICS: GEORGIA, 1H2015: The higher level of losses may be the most important trend of the current year

In the first half of 2015, GWP by the Georgian insurers amounted to EUR 83.11 million, up 20.2% y-o-y (GEL 207.72 million). Analyzing the official results one may conclude that the insurance industry has recovered after a sharp y-o-y decline in 2014 when the market decreased by 32.3%. The main reason for the 2014 decline was the complete removal of the insurers from all government's projects, such as the universal healthcare program.

STATISTICS: GEORGIA, FY 2014: Excluded from the state health insurance program, insurers have improved profitability

Georgian insurers were confronted with a challenging year in 2014, mainly because of the health insurance program cessation. "The state health insurance program - initiated by the Government of Georgia in 2007 in order to provide medical insurance to vulnerable groups of Georgian population via private insurance companies -, represented app. 45% the total 2013 GWP. In 2014 the program was canceled. As a result, despite the robust growth in corporate sector, the insurance market shrank by 30%," Vakhtang DEKANOSIDZE, CEO IRAO told XPRIMM.