STATISTICS: GREECE, 1H2016: Changing life insurance classification system influenced the GWP rate on the life segment

The Greek insurers member of HAIC - Hellenic Association of Insurance Companies, reported a GWP of EUR 1.88 billion in the first half of 2016, or 5% less y-o-y, according to the half year report published on HAIC's website.

The Report includes the figures for 56 insurers accounting for 97.1% of the insurance market's full data for 2015. Of these, 22 were active in the life segment (99.9% market share) and 45 were active in the non-life segment (94.5% market share).

In the analyzed period, the non-life insurance GWP accounted for 51% of the total (EUR 967 million, 0.6% more y-o-y), while the life insurance segment accounted for the remainder of the market (EUR 922 billion, or 10% less y-o-y).

On the life sub-segment, traditional policies increased by 5.5% y-o-y, while the unit linked products reported a significant increase of more than 43%. In case of the non-life sector, the main sub-classes reported negative rates: MTPL (-11.5%), Motor Hull (-8.2%), and property (-5.9%).

According to HAIC, the strong decrease in life insurance is due to change in classification of classes of insurance (implementation of law 4364 - Solvency II): "not all data from January 2016 and onwards are comparable to the figures for previous periods (up to December 2015). According to the law, premium of IV.2."Health insurance" (as previously recorded in Life insurance) is partitioned in the Non-life classes of 1."Accidents" and 2."Sickness". Therefore, the study of premium growth rate recorded in this report should take into account the reclassification of the operations as described above".

Access www.xprimm.com and download 1H2016 Greece insurance market statistics.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

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