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 FY2019 Market Portfolio

Greece 3Q2019 Market Portfolio


See all statistics

Latest news

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.




STATISTICS: GREECE, 3Q2015: The decreases reported on motor classes pushed the market down by 3.6% y-o-y

The Greek insurers reported gross written premiums of EUR 2.72 billion in 3Q2015, down by 3.6% y-o-y, according to a quarterly report published by the Hellenic Association of Insurance Companies (HAIC). Non-life insurance GWP accounted for 51% of the total - EUR 1.38 billion, or 8% less y-o-y, while the life insurance sector was up by 1.4%, reaching EUR 1.33 billion (49% of total insurance market).


STATISTICS: GREECE, 1H2015: Life insurance maintained the market on a positive track

The Greek insurers reported a GWP of EUR 1.96 billion in the first half of 2015, as compared with EUR 1.92 billion a year earlier, according to the 1H2015 Report published by the Hellenic Association of Insurance Companies (HAIC). The Report published by HAIC includes the figures for 57 insurers accounting for 95.8% of the insurance market's full data for 2014. Of these, 21 were active in the life segment (97.4% market share) and 47 were active in the non-life segment (94.4% market share).


Ergo considers axing GREEK acquisition

Munich Re's insurance subsidiary Ergo has said it is considering terminating its previously announced EUR90mn acquisition of Greek bancassurer ATE Insurance from Piraeus Bank. In a statement provided to The Insurance Insider, Ergo said it was in close contact with the bank and that it was looking into the possible consequences of "any change" to the political situation in Greece.

Holiday Extras upgrades cash cover for GREECE

People travelling to Greece this summer are being offered improved insurance to cover extra cash they are being advised to take with them. The move by Holiday Extras and underwriters Allianz and White Horse follows advice from the Foreign and Commonwealth Office and Abta that holidaymakers take additional funds with them as ATMs and banking services may be limited.

Vacationers cautioned to purchase the right travel insurance when heading to GREECE

Vacationers who have been planning to head to Greece are being warned that they might want to take a second look at their travel insurance policies in order to make sure that they will indeed have the types of coverage that could be needed if the financial environment stats to collapse even more than it already has.

GREECE: Insurance firms increase cash cover

Travel insurance companies are increasing cover to take account of the extra cash that tourists will have to take to Greece this summer following the shut down of its banking system.


VODAFONE GREECE extends insurance to call centre employees

Vodafone Greece announced new insurance benefits for employees of 360 Connect, its call centre and back-office support unit. From 01 July, all employees of the unit and their families will benefit from hospitalisation and life/accident insurance.

STATISTICS: GREECE, Q1: Unit-linked policies maintained the local market in positive teritorry

The Greek insurers reported GWP of EUR 993 million in the first quarter of 2015, 0.7% more y-o-y, according to the 1Q2015 Report published by the Hellenic Association of Insurance Companies (HAIC). Non-life insurance premiums accounted for 50.2% of the total insurance premiums (EUR 498 million, 11.8% less y-o-y), while the life insurance segment accounted for the remainder of the market (EUR 495 million, or 17.5% more y-o-y).

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).


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