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

1H2017
Market Portfolioxlsx
1Q2017
Market Portfolioxlsx
FY2016Market Portfolioxlsx
3Q2016
Market Portfolioxlsx
1H2016Market Portfolioxlsx
1Q2016
Market Portfolioxlsx
FY2015Market Portfolioxlsx
3Q2015Market portfolioxlsx
1H2015Market Portfolioxlsx
1Q2015Market Portfolioxlsx
FY2014Market Portfolioxlsx
3Q2014Market portfolioxlsx
1H2014Insurance market overview pdf
1H2014Market Portfolioxlsx
1Q2014Market Portfolioxlsx
FY2013Insurance market overview pdf
FY2013Market Portfolioxlsx
3Q2013Market Portfolioxlsx
1H2013Insurance market overview pdf
1H2013Market Portfolioxlsx
1Q2013Market Portfolioxlsx
FY2012Insurance market overview pdf
FY2012Market Portfolioxlsx
3Q2012Market Portfolioxlsx
1H2012Insurance market overview pdf
1H2012Market portfolioxlsx
1Q2012Market Portfolioxlsx
FY2011Insurance market overview pdf
FY2011Market portfolioxlsx

Greece 1Q2018 Market Portfolio

Greece FY2017 Market Portfolio

See all statistics

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.

730,000 Uninsured Vehicles in GREECE

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.

GREECE: One mln cars circulating without insurance

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 almost 58 years old

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.

GREECE, 3Q2013: Lower premiums following the motor insurance price war

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.