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, 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.

GREECE: Auto insurance industry takes a plunge

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.

GREECE 1H2013: 11% decrease in GWP under the prolonged crisis

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.