Greece

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Location map
author: OCHA/ ReliefWeb


Location:
- Southern Europe;
- borders Ionian Sea and Mediterranean Sea;
- peninsular country, possessing an archipelago of about 3,000 islands, dominating the Aegean Sea and the southern entrance to the Turkish Straits;
- Neighbours: Cyprus, Turkey, Bulgaria, Macedonia, Albania, Italy.

Climate:
- Mediterranean climate with mild wet winters and hot, dry summers;
- snowfalls do occur occasionally during the winter.

Natural Hazards:
- severe earthquakes;
- droughts;
- wildfires.

Macro indicators
* 2018 estimates
Surface:131,957km2
Population*:10.7million
Pop. density*:81.4people/km2
GDP*:185.5EUR billion
GDP/capita*:17,274.8EUR

European Union:
EU member, since 1981

Currency: Euro
Code: EUR
Since: 2001


Insurance market portfolio
* 2018 estimates
TOTAL LIFE*:48%
TOTAL NON-LIFE*:52%
Overall Property*:11%
Overall Motor*:25%

Sources:



 


Statistics

Greece 1Q2019 Market Portfolio

Greece FY2018 Market Portfolio


See all statistics

Latest news

GREECE: ERGO to take over the Bank of Cyprus' non-life insurer

General Insurance of Cyprus (GIC) - member of the Bank of Cyprus Group has entered into a cooperation agreement with ERGO in Greece, for the gradual transfer to ERGO of the existing insurance policies which were issued by KYPROU Asfalistiki - the branch of GIC in Greece.

GREECE: One mln cars circulating without insurance

Because of the impact of the economic crisis on household budgets, about one million vehicles are currently in circulation in Greece without insurance, Kathimerini online reports quoting Costas Bertsias, Chairman of Car Insurance Companies Association in Greece.

The average retirement age in GREECE stands at almost 58 years old

The average retirement age in Greece stands at just 57 years and eight months according to a survey conducted by the Hellenic Statistical Authority (ELSTAT). The survey used a sample from the quarterly work force report from the April-June 2012 period for people aged between 50 and 69 years, and reached some very interesting conclusions.

GREECE, 3Q2013: Lower premiums following the motor insurance price war

In 3Q2013, the Greek insurance market totaled EUR 2.86 billion, 10.1% less y-o-y, according to the figures presented by the Hellenic Association of Insurance Companies (HAIC). Life insurance segment decreased 16.2% y-o-y at approximately EUR 1.2 billion, while the non-life segment reported a negative dynamic of 5.2% y-o-y, due a 10.3% decrease in motor hull insurance, while the MTPL insurance sector - the most representative non-life insurance class (29.3% of total market) went down by 6.5% y-o-y.

GREECE: Auto insurance industry takes a plunge

The price war in Greece's car insurance premiums is behind the dramatic drop in the sector's turnover, which declined by 15.2 percent last year compared to 2011 and another 6.5 percent on a yearly basis in the first nine months of this year, according to a report on the sector issued by the Hellenic Association of Insurance Companies.

GREECE 1H2013: 11% decrease in GWP under the prolonged crisis

The Greek economy will shrink again, according to IMF estimates. In 2012 the GDP fell for the fifth consecutive year, while in 2013 it is expected to decrease by 5.3% to EUR 183.5 billion. At the same time, the private consumption will remain at a low level due to a record-high of unemployment: the unemployment rate at the end of 2013 will be 27% as compared with 7.7% in 2008 (IMF statistics). Under these circumstances, the financial industries continued to suffer.


GREECE: Life insurers appear to have fared much better in the recent past

"Greece Insurance Report Q3 2013" reports that the news flow and data from Greece's insurance sector highlights three key themes. First, the economic crisis has finally had a (brutal) impact on the non-life segment. Second, premiums in the life segment have held up remarkably well. Third, the consolidation of Greece's banking sector is something of a wildcard, and may bring around a consolidation among insurance companies as well.

Greek insurers Q1 gross written premiums down by 13%

The Greek insurers reported gross written premiums of EUR 1.02 billion in the first quarter of 2013 as compared with EUR 1.18 billion a year earlier, according to the 1Q2013 Report published by the Hellenic Association of Insurance Companies (HAIC).



GREEK FinMin considers imposing compulsory property insurance

Greek finance ministry considers to make property insurance against earthquake and floods obligatory. According to daily Kathimerini, the compulsory insurance of property against big natural disasters like earthquake and flood is being considered by the finance ministry as an attempt to forestall the possibility of a widespread economic damage from an unexpected event such as an earthquake or flood.

GREECE FY 2012: Safe investments lead to losses

With the total GWP reaching EUR 4.3 billion and a 10.71% drop in comparison with the previous year, one can say that the market is in serious trouble also for 2013. The total non-life gross written premiums reached EUR 2.37 billion. From EUR 2.69 billion in 2011 the fall stopped at 11.76%.




GREECE: Ethniki, Eurolife merger to create insurance giant

Following the merger planned between the National Bank of Greece and Eurobank groups, the linkup of their insurance activities will lead to the creation of a domestic insurance giant with premiums of over 1.1 billion euros out of a total of 4.9 billion euros in the local market.


GREECE: Proposal for a national earthquake insurance program

Greece is characterized by its high seismic exposure. It is estimated that the economic loss to the residential stock of a 1-in-200 year event is likely to be greater than 22 billion Euros while for a shorter return period 1-in-5 year it is likely to be 1.3 billion Euros.