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

GREEK turnaround adds sheen to NBG's insurance asset sale

An unexpected uptick in the outlook for the Greek economy should boost buyer demand for National Bank of Greece SA subsidiary Ethniki Hellenic General Insurance Co. SA, while the gradual removal of the social safety net should provide a stream of clients for its products over the longer term, analysts told S&P Global Market Intelligence.


GREECE: Exin acquires AIG operations

Matt Fairfield's (re)insurance start-up Exin Partners has struck a deal to buyout AIG's interest in AIG Greece in a deal worth upwards of EUR100mn ($104mn), The Insurance Insider can reveal.

GREECE: Bids for NBG's Ethniki Insurance set for Q1

National Bank of Greece aims to have the binding bids for the sale of its subsidiary Ethniki Insurance within the first quarter of 2017. According to the group's commitment in its restructuring plan, the sale must take place in the first half of next year, but bank sources say the process will begin in January.




GREECE: PIRAEUS Bank sells ATE Insurance to ERGO Group for EUR 90 million

PIRAEUS Bank, Greece's biggest lender, has completed the sale of its ATE Insurance business to ERGO Group - part of German reinsurer MUNICH Re - for EUR 90.1 million. The transaction makes ERGO the largest property-casualty insurer in the market, and the price is subject to net asset value adjustments, ERGO said in a statement.

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.

GREECE: George KOTSALOS steps down as CEO of INTERAMERICAN

George KOTSALOS is stepping down as Chief Executive Officer at INTERAMERICAN Greece during the course of this year, the Dutch mother company ACHMEA annouced a week ago. "The year in which he turns 65", ACHMEA said in the statement.

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.