In 3Q2013, the Greek insurance market totaled EUR 2.86 billion, 10.1% less y-o-y, according to the figures presented by the Hellenic Association of Insurance Companies (HAIC). Life insurance segment decreased 16.2% y-o-y at approximately EUR 1.2 billion, while the non-life segment reported a negative dynamic of 5.2% y-o-y, due a 10.3% decrease in motor hull insurance, while the MTPL insurance sector - the most representative non-life insurance class (29.3% of total market) went down by 6.5% y-o-y.

According to the local media, the price war in Greece's car insurance premiums is behind the drop in the sector's turnover. At the same time, "data confirms that the decline is not due to the reduction in the number of vehicles insured, but rather the fierce competition between companies, which has led to a slide in premiums. In fact, it appears that the drop in prices has led to an increase in the number of cars insured." (ekathimerini.com)

Ekathimerini.com reported that at the end of October the number of insured vehicles stood at 5.7 million, up from 5.3 million in December 2012. "Besides the fact that the drop in premiums has made insurance more attractive to those who had been reluctant to comply with the law's provision for the obligatory insurance of vehicles, the fear of being fined for not doing so, as dictated by a recent law which has yet to be activated, has also resulted in an increase in the number of cars insured. However, there are still about 1 million cars without insurance."

Access www.xprimm.com and download 3Q2013 Greece insurance market statistics.

Note: HAIC surveyed the Greek market regarding the value of GWP for the nine months of 2013. 60 companies-members responded, which accumulated 94.6% of premium according to the insurance market's full data for 2012. From the above, 22 were active in life insurance (98.8% market share) and 47 were active in the non-life insurance (91.3% market share).