Greece

Location: Greece is located in Southern Europe bordering the Ionian Sea, and the Mediterranean Sea, between Albania and Turkey. It is in a strategic location dominating the Aegean Sea and the southern entrance to the Turkish Straits. It is a peninsular country, possessing an archipelago of about 3,000 islands.

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

Natural Hazards: Severe earthquakes, droughts, wildfires.

Currency: EURO

Sources: Hellenic Association of Insurance Companies
Bank of Greece

Insurance statistics

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Greece 3Q2017 Market Portfolio

1H2017 Market Portfolio

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STATISTICS: GREECE, 3Q2015: The decreases reported on motor classes pushed the market down by 3.6% y-o-y

The Greek insurers reported gross written premiums of EUR 2.72 billion in 3Q2015, down by 3.6% y-o-y, according to a quarterly report published by the Hellenic Association of Insurance Companies (HAIC). Non-life insurance GWP accounted for 51% of the total - EUR 1.38 billion, or 8% less y-o-y, while the life insurance sector was up by 1.4%, reaching EUR 1.33 billion (49% of total insurance market).

STATISTICS: GREECE, 1H2015: Life insurance maintained the market on a positive track

The Greek insurers reported a GWP of EUR 1.96 billion in the first half of 2015, as compared with EUR 1.92 billion a year earlier, according to the 1H2015 Report published by the Hellenic Association of Insurance Companies (HAIC). The Report published by HAIC includes the figures for 57 insurers accounting for 95.8% of the insurance market's full data for 2014. Of these, 21 were active in the life segment (97.4% market share) and 47 were active in the non-life segment (94.4% market share).

Ergo considers axing GREEK acquisition

Munich Re's insurance subsidiary Ergo has said it is considering terminating its previously announced EUR90mn acquisition of Greek bancassurer ATE Insurance from Piraeus Bank. In a statement provided to The Insurance Insider, Ergo said it was in close contact with the bank and that it was looking into the possible consequences of "any change" to the political situation in Greece.

Holiday Extras upgrades cash cover for GREECE

People travelling to Greece this summer are being offered improved insurance to cover extra cash they are being advised to take with them. The move by Holiday Extras and underwriters Allianz and White Horse follows advice from the Foreign and Commonwealth Office and Abta that holidaymakers take additional funds with them as ATMs and banking services may be limited.

GREECE: Insurance firms increase cash cover

Travel insurance companies are increasing cover to take account of the extra cash that tourists will have to take to Greece this summer following the shut down of its banking system.