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 CompaniesBank of Greece
|1H2014||Insurance market overview ||pdf|
|FY2013||Insurance market overview ||pdf|
|1H2013||Insurance market overview ||pdf|
|FY2012||Insurance market overview ||pdf|
|1H2012||Insurance market overview ||pdf|
|FY2011||Insurance market overview ||pdf|
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).
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).
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).
The ERGO Insurance Group announced it has agreed to acquire 100% of the Greek company ATE Insurance, the property-casualty arm of PIRAEUS Bank - Greece's second-largest lender by assets. The purchase price is EUR 90.1 million, ERGO noted in a press release. The deal is pending regulatory approvals and is expected to be completed by the end of 2014.
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).
ALLIANZ SE - the largest European insurer and ERGO Versicherungsgruppe - the insurance unit of MUNICH Re - are in talks to buy the Greek insurer AGROTIKI Insurance - owned by PIRAEUS Bank, according to BLOOMBERG quoting three people familiar with the matter.
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
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.
A committee, including representatives of the Public Order, Transport,
Finance Ministries and the Greek Union of Insurance Companies, after
examining the databases of the Greek insurance companies and the
Transport Ministry, announced that the number of uninsured vehicles in
Greece amounts to 730,000.
General Insurance of Cyprus (GIC) - member of the Bank of Cyprus Group has entered into a cooperation agreement with ERGO in Greece, for the gradual transfer to ERGO of the existing insurance policies which were issued by KYPROU Asfalistiki - the branch of GIC in Greece.
Because of the impact of the economic crisis on household budgets, about
one million vehicles are currently in circulation in Greece without
insurance, Kathimerini online reports quoting Costas Bertsias, Chairman
of Car Insurance Companies Association in Greece.
The average retirement age in Greece stands at just 57 years and eight
months according to a survey conducted by the Hellenic Statistical
Authority (ELSTAT). The survey used a sample from the quarterly work
force report from the April-June 2012 period for people aged between 50
and 69 years, and reached some very interesting conclusions.
In 3Q2013, the Greek insurance market totaled EUR 2.86 billion, 10.1% less y-o-y, according to the figures presented by the Hellenic Association of Insurance Companies (HAIC). Life insurance segment decreased 16.2% y-o-y at approximately EUR 1.2 billion, while the non-life segment reported a negative dynamic of 5.2% y-o-y, due a 10.3% decrease in motor hull insurance, while the MTPL insurance sector - the most representative non-life insurance class (29.3% of total market) went down by 6.5% y-o-y.