GREECE, 1Q2012: Unit-linked products kept the market on course

20 June 2012 —
GREECE, 1Q2012: Unit-linked products kept the market on course
greece-statisticsTotal premium production of the Greek insurance market for the 1Q 2012 appears to be reduced by 5%, but on the other hand in the Life associated with investments insurance branch premium production has increased by a staggering 79%, according with the research conducted by HAIC (Hellenic Association of Insurance Companies).

Sixty two insurance companies have participated in the HAIC research that represents 96.2% of premium production (including contract rights) according to the full data of the insurance industry for 2011. From the above companies, 22 operated in Life insurance (market share 99.3%) while 51 in non-Life insurances (93.9% market share).

Insurance market figures

Therefore, for the first quarter of 2012 the comparison of premium production with the same period of 2011 the above 62 companies' registered EUR 1.20 billion against EUR 1.26 billion in 2011, representing a decrease of 5%.

Life Insurance segment has increased by 4.7% with total production reaching EUR 559 million against EUR 534 million in 2011. An even greater increase was noted in the Life Associated with Investments sector by 79% with the total production for the first quarter "touching" EUR 155 million against EUR 86 million in 2011.

Non-life insurances during the first trimester of 2012 reduced premium productivity by 12% gathering EUR 645.89 million against EUR 733.89 mil in the previous year.

For the most important non-life segments now, the highest reduction in premiums were observed in branch 3 of the non-life insurances sector regarding motor hull by 23% (EUR 73.6 million against EUR 95.6 million in 2011).

Fire and allied perils branch marked a 12.8% reduction with a production in premiums of EUR 100 million for 1Q of 2012. MTPL branch dropped at EUR 326 million from EUR 370 million in 2011 (a drop by 11.8%). Although the general negative results, GTPL branch managed to put out an increase of 8.7% with premium production that reached EUR 22.9 million in the same period for 2011 production was at EUR 21 million.

Premium refunds and cancellations of contracts

In life insurances sector while in January premium refunds were appearing to reduce in the meantime have increased significantly. The opposite thing occurred though in the non-life branches meaning that the high volume of January didn't continue in the months that past.

In particular for non-life segment, premium refunds from vehicle insurances remained high for the first months of 2012. In property insurances there was an outrage of refunds in January that later on in the year values returned to low rates.

In life insurances a new growth in premium refund has been observed during February especially in segment 3 regarding life insurance associated with investments while in segment 1 of Life the index continued to move in similar values with the ones of 2011.

Acces www.xprimm.com and download 1Q2012 Greece insurance market statistics.

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