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. For example, this summer, the banking sector entered in drastic concentration program: As a result, within just a few months as many as 10 banks have disappeared from the market, and now four systemic banks control no less than 90% of the country's entire credit sector. According to ekathimerini.com, "among medium-sized lenders, only ATTICA has retained its independence by successfully concluding its share capital increase, making it the only healthy private bank in Greece at the moment."

Regarding the insurance market figures, the Greek insurers reported GWP of EUR 1.98 billion in 1H2013, 11% less y-o-y, according to the 1H2013 Report published by the Hellenic Association of Insurance Companies (HAIC). In the analyzed period, Non-life insurance premiums accounted for 59% of the total insurance premiums, while the life insurance segment accounted for the remainder of the market: EUR 808 million, or 17.5% less y-o-y.

The Report published by HAIC includes the figures from 61 insurance companies or 94.6% of premiums on the total market. Of these, 22 were active in life insurance (98.8% market share) and 48 were active in the non-life segment (91.3% market share).

Read more in the forthcoming edition of XPRIMM Insurance Report - CEE, Russia&CIS, SE 1H2013, to be released on October 20th, on the occasion of the XPRIMM Reception in Baden-Baden.

Access www.xprimm.com and download 1H2013 Greece insurance market statistics.