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: 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.

INTERAMERICAN: Opening towards distribution channels

INTERAMERICAN, member of EUREKO GROUP, presented their marketing strategies for a balanced growth for all channels of distribution, a company with a vast specter of components on the line of promotion, depends mostly from positive production results and good relations with agents and brokers.

GREECE: Maritime insurance "sinks"

A downward trend is observed in Greece regarding boat insurance in the last years according to HAIC that in 2010 results of the written premiums reached EUR 15 million from EUR 15.6 million in 2009. From the above premiums, EUR 4.1 million accounted for the liability insurance of boats. This turn of events is not by chance because it goes in line with sales of leisure boats in Greece that from 2009 and up until 2010 have dropped by 26%.

ALLIANZ HELLAS: Profitability up to EUR 18.5 million for 2011, driven by pension and motor insurance lines.

According to international accounting standards, 2011 turnover for ALLIANZ HELLAS was reduced marginally to 1.2% from 2010, while at its total the entire market recorded a 6.8% drop, operational profitability thanks to rationalization of operational costs and good management of losses was reduced just by a 4.6% while the after tax profitability of the company prior to any predictions for impairment of bond values, was formed at EUR 13.2 million from EUR 9.4 million in 2010, states a recent report issued by the company.

CHARTIS HELLAS: EUR 9.2 million profit before tax in 2011

CHARTIS HELLAS Group reported for 2011 a 6.79% growth in premium production, up to EUR 107.1 million. Overall profitability, of brokers and insurance activities came up to EUR 9.2 million before tax, while compensations that were paid to individuals and businesses exceeded EUR 44 million.

ERGO HELLAS confirmed, in 2011, its strong position on the Greek insurance market

ERGO's total premium production in Greece, for 2011 reached EUR 147 million, showing a 3.1% raise in comparison with 2010. IFRS before tax profits were at EUR 8.92 million after the impairment of corporative investment that was conducted by the firm in the year 2011. All in all, 2011 was a landmark year for ERGO HELLAS, followed by the brand's name change and new corporate values adopted.

EUROPAIKI PISTI: 254% growth in profir before taxis, to EUR 13.8 million

EUROPAIKI PISTI financial report for 2011 reveals an EUR 13.8 million profit before taxes and prior PSI Plus, 254% up as compared to 2010. The corresponding amount after PSI plus, formed at around EUR 4.0 million increased by 2% in comparison with the previous year. The company's turnover (net premiums & contract rights) also grew by 16.6%, to EUR 152.8 million. According the company, this results may be considered as satisfying for the fiscal year of 2011, a period when the entire insurance sector met significant reduction and negative financial result due to PSI Plus at the Greek Public Bonds.

GREECE: Insurance market on the uphill of recession

Greek economy is trapped inside the eye of the storm in a very dramatic situation, while besides being sunk in deep recession it has also to face an ugly shift by the world economic stage. Suffering from several austerity measures imposed by the creditors of Greece (IMF and ECB), great sacrifices had to be made by the Greek people; on the other hand it may be the only way out from this Greek crisis.

GREECE, FY 2011: Insurance market has been reduced by 7%

Last year, the Greek insurance market registered a decrease in insurance GWP of 7.1% to EUR 4.7 billion, as compared to 2010, according with the research conducted by the EAEE - (Hellenic Association of Insurance Companies).