Location map
author: OCHA/ ReliefWeb

- 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.

- 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
Pop. density*:81.4people/km2
GDP*:185.5EUR billion

European Union:
EU member, since 1981

Currency: Euro
Code: EUR
Since: 2001

Insurance market portfolio
* 2018 estimates
Overall Property*:11%
Overall Motor*:25%




Greece FY2019 Market Portfolio

Greece 3Q2019 Market Portfolio

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Latest news

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.

GREECE: Fines up to EUR 1,000 to vehicle owners with no insurance policy

Car owners in Greece will have to pay penalties for their vehicles by the beginning of autumn if they don't acquire an insurance policy. Fines will start from 250 up to EUR 1,000 depending on vehicles year of manufacture and engine volume. In case of non-payment, owners will be given an even higher fine and withdrawal of their license and plate numbers.

GREECE: Mandatory civil liability maritime insurance

Mandatory civil liability insurance for all vessels that enter Greek ports remains on paper, as the implementation for the legislation imposed by relevant EU directive that was incorporated into Greek law in 2012 is yet to become active. The delay in enforcing the law is keeping Greek insurers away from a potential premium volume of EUR 100 million.

GREECE: 2H stress tests

Stress tests to insurance companies will be commencing normally this year also, in spite the transition period that was given to the companies in order to recover from their great losses over PSI+. These tests will determine the limits of the insurance market against plausible negative developments in capital markets, but also to disastrous or adverse insurance events.

GREECE: HDI-GERLING recorded 27% increased profit

Profits before taxes of the According Greek branch of HDI-GERLING for the fiscal year of 2011, reached EUR 6.2 mil, increasing y-o-y by 27% (EUR 4.9 mil in 2010). After tax profits closed at EUR 5 mil from EUR 3.8 mil in 2010. The results are in line with HDI-Gerling Hellas' goal of continuing its successful course against a harsh economic environment, remaining between the most profitable insurance companies in Greece for the last years.

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

Total 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).

GREECE: 79% growth in investment products

Data published by HAIC (Hellenic Association of Insurance Companies) reveal that savers have turned their focus on Unit Linked programs rather than term deposits. According to the data, in 1Q 2012, premium production in the investment programs branch have increased by 79%, while the total production of the sector has been enhanced by EUR 68.2 million Y-o-Y, reaching a total of EUR 154.5 million.

GREECE: Share change hands in the life sector

Absolute leaders of the top 10 positions in the life sector insurances prove to be the multinational companies and bank subsidiaries controlling over 91% of the market according to data for 2011. The first five companies in premium production control 68.8% of the yearly income of the sector. However, the same data show that, compared to 2010, the top five companies in revenue lost some 2% of their total share, which was 70.7%, while the share of the first 10 appears enhanced from 90.6% in 2010 to 91.7% in 2011.

GREECE: Subversive results by ETHNIKI Asfalistiki for 2011

ETHNIKI Asfalistiki group has shown an amazing improvement regarding operational profits during the fiscal year of 2011 against great unfavorable circumstances, a fact that maintains the company in its leader role with a notable distance from the companies' competitors in the industry.

GREECE: ASPIS PRONOIA the black sheep of the Greek insurance market

ASPIS Group of Companies former CEO Pavlos Psomiadis has been sentenced to 8 years of imprisonment after providing ASPIS's creditors with a false EUR 550 million letter of guarantee from a British bank in order to keep the defunct business afloat. Deadline until the 4th of May was given by the NGB (National Bank of Greece) for the companies that are interested to take part or in total of Aspis portfolio which at the moment is being fund by the public auxiliary fund.

GREECE: EUROBANK PROPERTIES net profit EUR 9.98 million

EUROBANK PROPERTIES manages one of the most important portfolios of commercial properties in Greece and Eastern Europe. Maintains long-term leases with companies and it is managed by competent and experienced staff with knowledge of Greek and international real estate market. The company operates in the fast emerging sector of investment in property that is governed by a favorable tax regime.

GREECE: room for growth for agriculture insurance

Unexploited room for private insurance is the cover of agricultural activity in Greece which, in spite of the downward trend that the sector suffers due to recession and structural problems, continues to have a great importance for the Greek economy and development. Motive for insurance industry will constitute the 3877 Law that allows optional funded insurance for the agricultural sector. Although, the ministries decision to define the appropriate regulatory plan is still pending. It was "expected" to be declared after the 6th May elections, unfortunately no government has been declared so far, therefore the matter is still on hold . The Greek Agricultural Insurance Association and private insurance will be in competition because the Association also will have the right to provide farmers optional insurance programs.