In Q1 2014, the Georgian insurance market decreased by 20% y-o-y in local currency to GEL 88.5 million, according to data published by the Insurance Supervisory Office - ISO. Due to the exchange rate variations, in European currency, the insurance market decreased by ~29%, to EUR 36.9 million.

According ISO figures, the negative trend recorded by the local insurance industry was driven by the lower premiums reported by two of the main business lines: accidents (-33.8%) and health insurance (-36%), which accounted together for more than 60% of the entire insurance premium production: GEL 53.4 million or EUR 22.3 million.

The market ranking is dominated by two insurers: ALDAGI BCI - the first insurer founded in the Georgian market in 1990 and fully owned by the Bank of Georgia - with a market share of 29.5%, and GPI Holding - member of the Vienna Insurance Group since 2006 - with a market share of 29.3%.

Access www.xprimm.com and download the 1Q2014 Georgian insurance market statistics.

Market portfolio & market ranking (in EUR and GEL):

• Gross written premiums
• Paid claims
• Growth rates
• Market shares