STATISTICS:

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 1Q2018 Market Portfolio

Greece FY2017 Market Portfolio

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STATISTICS: GREECE, 1Q2016: market down by 6% y-o-y

At the end of March 2016, the Greek insurance market totaled EUR 948.57 million, down by 5.7% y-o-y, according to the preliminary market figures published by the Hellenic Association of Insurance Companies (HAIC). The life insurance segment decreased by 10% y-o-y, to EUR 456.68 million, while the non-life business line dropped by 1.2% to EUR 491.89 million.

GREECE residents to see flood insurance policy savings

The state of New York has 1,500 communities that participate in the National Flood Insurance Program, but only 32 currently participate in the Community Rating System and none rank better than Class 7. Supervisor Bill Reilich says the Town of Greece is the only local municipality in Monroe County that participates in the National Flood Insurance Community Rating System Program, and has received a reduction in its Class rating from 8 to 7 providing additional savings for taxpayers.

GREECE's Piraeus Bank to sell part of European Reliance stake to EBRD

Greece's Piraeus Bank will sell part of its 28 percent stake in insurer European Reliance to the European Bank for Reconstruction and Development, a Piraeus official said on Wednesday. Piraeus, Greece's largest lender by assets, plans to divest the entire stake as part of a restructuring plan which entails the disposal of non-core assets.

GREEK insurance market is taking a dive

The situation in the industry in Greece looks as though the trend is to continue slipping. Last year, the insurance market in Greece took a significant hit as the number of people in the country who cashed in savings based policies broke all previous records of that nature.
That trend revealed a solid decline of the state of the insurance industry within the country.

Insurance market wanes in GREECE

The number of people who cashed in savings-based insurance policies early reached a record high in 2015, owing to the drop in disposable incomes that led to many being able to keep up with the payments, according to data seen by Kathimerini.

Interlife CEO: GREEK insurance market lost 1.85 bln euros in 2010-2015

The Greek insurance market has lost around 1.85 billion euros during the crisis, according to Ioannis Votsaridis, chief executive of Interlife. "The market is falling since 2008. Total loss is very big. The car insurance sector has lost 48 pct in the 2010-2015 period, the life insurance sector around 24 pct and the damage sector around 39 pct...I believe that the sector will find it very difficult to regain its losses as intense competition drives insurance rates lower," he said.

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).