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
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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.
The price war in Greece's car insurance premiums is behind the dramatic
drop in the sector's turnover, which declined by 15.2 percent last year
compared to 2011 and another 6.5 percent on a yearly basis in the first
nine months of this year, according to a report on the sector issued by
the Hellenic Association of Insurance Companies.
The Greek economy will shrink again, according to IMF estimates. In 2012 the GDP fell for the fifth consecutive year, while in 2013 it is expected to decrease by 5.3% to EUR 183.5 billion. At the same time, the private consumption will remain at a low level due to a record-high of unemployment: the unemployment rate at the end of 2013 will be 27% as compared with 7.7% in 2008 (IMF statistics). Under these circumstances, the financial industries continued to suffer.
Marsh & McLennan Cos. Inc.'s Guy Carpenter & Co. L.L.C. unit has
made a "major strategic investment" in a new venture designed
specifically to help develop business in Greece, Cyprus and adjacent
countries, Guy Carpenter said Wednesday.