The Caucasus is one of the most active segments of the Alpine-Himalayan seismic belt (Khain 2000). The Caucasian region is characterized by intensive deformation and seismicity that accommodates the continental shortening between the Eurasian and Arabian plates, which are converging at a rate of about 30 mm/year (De Mets et al. 1990; Jackson 1992). The Caucasus is considered a key area for seismic hazard assessment for the following main reasons (Balassanian et al. 1999): (1) the active tectonics and seismicity rate of the whole area, (2) availability of abundant multi-disciplinary data and a long established tradition of hazard assessment, (3) the unique opportunity to test different methodologies in one test area.