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.

Related articles

STATISTICS: UPDATE: 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.

2017-03-16

ON THE MOVE

Zurich: leadership transition in EMEA business

Currently group CEO of AXA UK and Ireland, Amanda BLANC will also join the executive committee at ZURICH, with the handover scheduled to complete in the fourth quarter of 2018. BLANC is to succeed Gary SHAUGHNESSY as CEO of ZURICH Insurance's EMEA business.

12.04.2018

TOP EVENT

Why should you participate at FIAR 2018?

With an exclusive list of professional speakers, 7 conferences and workshops analyzing current trends and issues on the re/insurance markets, as well as hundreds of bilateral meetings and networking opportunities, FIAR 2018 represents a key event on the business agenda.

25.04.2018

What re/insurance professionals are already on FIAR 2018's list of speakers?

Specialists from ICMIF - International Cooperative Mutual Insurance Federation and PensionsEurope, representatives of national insurance associations from Austria and Turkey, as well as professionals representing SWISS Re, GEN Re and AUDATEX are just a few of the speakers who have already confirmed their presence at FIAR 2018 - The International Insurance-Reinsurance Forum.

19.04.2018

photodune-3834701-laughing-girl-xs

LIVE: Moscow, Russia: The XXII International Reinsurance Conference

The XXII International Reinsurance Conference has started today in Moscow, organized by Delovoy Format, with the support of the Russian Insurers Association. XPRIMM, the traditional Media Partner of the conference, has launched on the occasion the latest edition of its Insurance Profile Russia, providing for 2017 insurance statistical data.

11.04.2018

photodune-3834701-laughing-girl-xs

The 4th edition of the European Consumer Protection Conference: Main conclusions

The European Consumer Protection Conference, taking place on Thursday, 22 March, in Prague, brought into debate the consumer environment in the current European regulatory and economic landscape, the upcoming legislative changes that will benefit consumers and users of insurance and private pension products, as well as digitalization and the impact of technological advances in the field of financial services.

22.03.2018

See all