According to the latest official data from the Association of Insurance Companies of Greece, the loss frequency index in motor insurance exceeded the high levels of 2018 reaching 9.8% in 2023 from 9.26% five years ago.
The loss ratio also exceeded 2018 levels when it was recorded at 46.33%, reaching 61.27% last year.
In motor liability insurance, the frequency of claims increased to 7.01% last year from 6.56% in 2012, the average cost of claims returned to 2018 levels rising to EUR 1,997 in 2023 and the loss ratio jumped to 70.36% last year from 47.99% in 2018.
It is noted that motor insurance demonstrated an impressive improvement during the pandemic period due to reduced traffic, but now returned to a “negative normality”, which was also burdened by high inflation, the source added.
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