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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VODAFONE GREECE extends insurance to call centre employees

Vodafone Greece announced new insurance benefits for employees of 360 Connect, its call centre and back-office support unit. From 01 July, all employees of the unit and their families will benefit from hospitalisation and life/accident insurance.

STATISTICS: GREECE, Q1: Unit-linked policies maintained the local market in positive teritorry

The Greek insurers reported GWP of EUR 993 million in the first quarter of 2015, 0.7% more y-o-y, according to the 1Q2015 Report published by the Hellenic Association of Insurance Companies (HAIC). Non-life insurance premiums accounted for 50.2% of the total insurance premiums (EUR 498 million, 11.8% less y-o-y), while the life insurance segment accounted for the remainder of the market (EUR 495 million, or 17.5% more y-o-y).

STATISTICS: GREECE, FY2014: Life insurance UL policies maintained the insurance market at the 2013 level

In 2014, the Greek insurance market totaled EUR 3.8 billion, 0.6% less y-o-y, according to the preliminary market figures published by the Hellenic Association of Insurance Companies (HAIC). Non-life insurance GWP accounted for 51.8% of the total insurance premiums (EUR 1.97 billion, 9.6% less y-o-y), while the life insurance segment accounted for the remaining of the market (EUR 1.83 billion, or 11.4% more y-o-y).

STATISTICS: GREECE, 3Q2014: Life policies have slowed the insurance market decline to 1%

The Greek insurers reported gross written premiums of EUR 2.8 billion in 3Q2014, down 1% y-o-y, according to a Report published by the Hellenic Association of Insurance Companies (HAIC). The Report includes figures from 59 insurers, representing 94.4% of the market's GWP. Of these, 21 were activating on the life insurance segment (97.8% market share) and 48 were activating on the non-life segment (91.9% market share).

STATISTICS: GREECE 1H2014: unit-linked insurance products pushed the life segment back on a positive track

The Greek insurers reported a GWP of EUR 1.93 million in the first half of 2014, as compared with EUR 1.97 billion a year earlier, according to the 1H2014 Report published by the Hellenic Association of Insurance Companies (HAIC). In the analyzed period, the non-life insurance GWP accounted for 54.9% of the total (EUR 1.06 billion, 9% less y-o-y), while the life insurance segment accounted for the remainder of the market (~EUR 870 million, or 7.57% more y-o-y).

GREECE, 1Q2014: GWP down by 2.4% y-o-y

The Greek insurers reported gross written premiums of EUR 986 million in the first quarter of 2014, as compared with EUR 1.01 billion a year earlier, according to the 1Q2014 Report published by the Hellenic Association of Insurance Companies (HAIC).

GREECE: Three million vehicles in Greece uninspected

It is estimated that some two million cars and one million motorbikes in Greece have not had an annual check-up, while 300,000 vehicles are uninsured. Meanwhile, as many as 500,000 fewer vehicles have been taxed than last year, costing the Greek state around 400 million euros in lost revenue.

The GREEK market closed the year with a 9.4% decrease y-o-y

In 2013, the Greek insurance market totaled EUR 3.84 billion, 9.4% less y-o-y, according to the figures presented by the Hellenic Association of Insurance Companies (HAIC). The life insurance segment decreased by 14.1% y-o-y to approximately EUR 1.64 billion, basically still being one of the most affected insurance business line by the global economic and Eurozone debt crises. For the future insurance analysts forecasted an increase for the life GWP, but this projection is subject to a gradual improvement in the economy.