Greece, FY2016: 4.6% y-o-y increase in the overall premium income

According to a recent press release of the Hellenic Association of Insurance Companies (HAIC), the Greek insurance market saw a 4.6% y-o-y increase in the overall premium income in 2016, to EUR 3.78 billion. The result takes into consideration the 56 insurance undertakings HAIC members, representing approximately 97.1% of total premium income.

Specifically, a comparison of premium income statements of these companies for 2016 with those of 2015 shows that:

Life insurance premiums amounted to EUR 1.91 billion, up 6.1% y-o-y
Non-life insurance amounted to EUR 1,87 billion, increasing by 3.1% y-o-y.

Mr. D. Mazarakis, President of the association commented on the study: "The production of the Greek insurance market in 2016 also creates both satisfaction for the past year and optimism for 2017. At the same time, uncertainty and instability in the political and economic environment, directly and indirectly continued to affect disposable income and businesses, while low interest rates environment and the increasing requirements of supervisory framework do not allow complacency, but vigilance and constant adaptation to the new conditions and challenges. Despite the unfavorable economic environment in recent years, the insurance market has been able to adapt to a great extent and this trend will continue in 2017, developing and creating value for all parties, policyholders, insurers, employees, shareholders and Greek society."

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