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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

3Q2016Market portfolioxlsx
3Q2016Insurance Companies Rankingsxlsx
1H2016Market portfolioxlsx
1H2016Insurance companies rankingsxlsx
1Q2016Market portfolioxlsx
1Q2016Insurance Companies Rankingsxlsx
FY2015Market Portfolioxlsx
FY2015Insurance Companies Rankingsxlsx
3Q2015Market portfolioxlsx
3Q2015Insurance Companies Rankingsxlsx
1H2015Market portfolioxlsx
1H2015Insurance companies rankingsxlsx
1Q2015Market portfolioxlsx
1Q2015Insurance Companies Rankingsxlsx
FY2014Market Portfolioxlsx
FY2014Insurance Companies Rankingsxlsx
3Q2014Market portfolioxlsx
3Q2014Insurance Companies Rankingsxlsx
1Q2014Market portfolioxlsx
1Q2014Insurance Companies Rankingsxlsx
1H2014Insurance market overview pdf
1H2014Market portfolioxlsx
1H2014Insurance companies rankingsxlsx
1Q2014Market portfolioxlsx
1Q2014Insurance Companies Rankingsxlsx
FY2013Insurance market overview pdf
FY2013Market Portfolioxlsx
FY2013Insurance Companies Rankingsxlsx
1H2013Insurance market overview pdf
1Q2013
Insurance Companies Rankingsxlsx
1Q2013Market Portfolioxlsx
FY2012Insurance market overview pdf
FY2012Insurance Companies Rankingsxlsx
FY2012Market portfolioxlsx
3Q2012Insurance Companies Rankingsxlsx
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


STATISTICS: GEORGIA, 3Q2016: The two VIG units are holding about one third of the market

The Georgian insurance market posted a 8.2% y-o-y GWP growth-rate, to GEL 316.3 million (about EUR 121 million), according to the 3Q2016 figures published by the Insurance Supervisory Office - ISO. More
(24.11.2016)

GEORGIA: Int'l Insurance Consortium to Invest 7 mln GEL in Development of IC Group

An investment agreement was signed between the International Insurance Consortium (Netherlands) and IC Group according to which up to 7 million GEL will be invested in the Georgian Insurance Company, the Georgian side to hold 51 percent of shares and the Dutch 49 percent. More
(14.11.2016)

STATISTICS: GEORGIA, 1H2016: VIG subsidiaries are accounting for about 28% of local market GWP

In January-June 2016, the Georgian insurance market increased by 10.7% y-o-y in local currency to GEL 230 million (EUR 88.5 million), according to the data published by the Insurance Supervisory Office - ISO. The value of claims paid by insurers was up by 4% y-o-y to GEL 106 million. More
(15.09.2016)

STATISTICS: GEORGIA, 1Q2016: Insurance business grew by 12.71%; a positive trend was seen on almost all types of insurance

In January-March 2016, the Georgian insurance market increased by 12.71% y-o-y in local currency to GEL 130.66 million (EUR 48.76 million), according to the data published by the Insurance Supervisory Office - ISO. More
(14.07.2016)

STATISTICS: GEORGIA, FY2015: The two units of VIG accounted for about 30% of local insurance market

The Georgian insurers market ended the financial year 2015 in black, as gross written premiums increased by 19% y-o-y to GEL 360 million (EUR 137.5 million), according to the State Insurance Supervision Service of Georgia reports. More
(14.04.2016)

10 days left to the International Conference on AgroInsurance start, in Tbilisi, Georgia

There are only ten days left before the start of the International Conference "Agricultural Insurance, Reinsurance and Brokerage in CIS, Europe & Asia". The Conference will be held on April 11-13, 2016 in Tbilisi, Georgia, organized by AgroInsurance International LLC. XPRIMM Publications support the event as Media Partner. More
(01.04.2016)

2016 expected to be a challenging year for the Georgian market

"2016 will be an extremely challenging year for the Georgian insurance market," Vakhtang DEKANOSIDZE, General Director of IRAO (Vienna Insurance Group), recently stated for the Georgian journel The FINANCIAL. However, despite the challenging environment, the VIG subsidiary plans to maintain its high growth pace also in this year, he added. More
(25.02.2016)

GEORGIA: Strong devalution of GEL pushed up the insurance prices by over 30%

The local currency's devaluation let to an over 30% hike in the insurance prices, with health insurance appearing to be the most affected, reports the Georgian newspaper "The Financial". Insurers consider implementing compulsory insurance as required for the further development of the sector. More
(18.02.2016)

The IIIrd "Agricultural Insurance, Reinsurance & Brokerage in CIS, Europe & Asia" International Conference set to take place in Tbilisi, Georgia

The IIIrd edition of the International Conference "Agricultural Insurance, Reinsurance & Brokerage in CIS, Europe & Asia" will be held on April 11-13, 2016 in Tbilisi (Georgia) at the Marriott Courtyard Hotel, organized by AgroInsurance International LLC. XPRIMM Publications will support the event as Media Partner. More
(14.01.2016)

STATISTICS: GEORGIA, 3Q2015: The market was up by 29% due to the impressive growth on the health segment

At the end of September 2015, the Georgian insurance industry totaled GEL 292 million (EUR 109 million), as the figures published by the Insurance Supervisory Office showed. Compared with 3Q2014, the local insurance market increased by 29.4% y-o-y, due to the 94% growth rate reported on the health insurance segment. More
(25.11.2015)

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