Greece
STATISTICS: GREECE, Q1: Unit-linked policies maintained the local market in positive teritorry
The Greek insurers reported GWP of EUR 993 million in the first quarter of 2015, 0.7% more y-o-y, according to the 1Q2015 Report published by the Hellenic Association of Insurance Companies (HAIC). Non-life insurance premiums accounted for 50.2% of the total insurance premiums (EUR 498 million, 11.8% less y-o-y), while the life insurance segment accounted for the remainder of the market (EUR 495 million, or 17.5% more y-o-y).
28 May 2015STATISTICS: GREECE, FY2014: Life insurance UL policies maintained the insurance market at the 2013 level
In 2014, the Greek insurance market totaled EUR 3.8 billion, 0.6% less y-o-y, according to the preliminary market figures published by the Hellenic Association of Insurance Companies (HAIC). Non-life insurance GWP accounted for 51.8% of the total insurance premiums (EUR 1.97 billion, 9.6% less y-o-y), while the life insurance segment accounted for the remaining of the market (EUR 1.83 billion, or 11.4% more y-o-y).
5 March 2015STATISTICS: GREECE, 3Q2014: Life policies have slowed the insurance market decline to 1%
The Greek insurers reported gross written premiums of EUR 2.8 billion in 3Q2014, down 1% y-o-y, according to a Report published by the Hellenic Association of Insurance Companies (HAIC). The Report includes figures from 59 insurers, representing 94.4% of the market's GWP. Of these, 21 were activating on the life insurance segment (97.8% market share) and 48 were activating on the non-life segment (91.9% market share).
5 December 2014STATISTICS: GREECE 1H2014: unit-linked insurance products pushed the life segment back on a positive track
The Greek insurers reported a GWP of EUR 1.93 million in the first half of 2014, as compared with EUR 1.97 billion a year earlier, according to the 1H2014 Report published by the Hellenic Association of Insurance Companies (HAIC). In the analyzed period, the non-life insurance GWP accounted for 54.9% of the total (EUR 1.06 billion, 9% less y-o-y), while the life insurance segment accounted for the remainder of the market (~EUR 870 million, or 7.57% more y-o-y).
2 October 2014GREECE: ERGO to become the largest property-casualty insurer by acquiring ATE Insurance
The ERGO Insurance Group announced it has agreed to acquire 100% of the Greek company ATE Insurance, the property-casualty arm of PIRAEUS Bank - Greece's second-largest lender by assets. The purchase price is EUR 90.1 million, ERGO noted in a press release. The deal is pending regulatory approvals and is expected to be completed by the end of 2014.
21 August 2014GREECE, 1Q2014: GWP down by 2.4% y-o-y
The Greek insurers reported gross written premiums of EUR 986 million in the first quarter of 2014, as compared with EUR 1.01 billion a year earlier, according to the 1Q2014 Report published by the Hellenic Association of Insurance Companies (HAIC).
10 July 2014GREECE: ALLIANZ and ERGO interested in buying AGROTIKI
ALLIANZ SE - the largest European insurer and ERGO Versicherungsgruppe - the insurance unit of MUNICH Re - are in talks to buy the Greek insurer AGROTIKI Insurance - owned by PIRAEUS Bank, according to BLOOMBERG quoting three people familiar with the matter.
26 June 2014GREECE: Three million vehicles in Greece uninspected
It is estimated that some two million cars and one million motorbikes in
Greece have not had an annual check-up, while 300,000 vehicles are
uninsured. Meanwhile, as many as 500,000 fewer vehicles have been taxed
than last year, costing the Greek state around 400 million euros in lost
revenue.
6 May 2014The GREEK market closed the year with a 9.4% decrease y-o-y
In 2013, the Greek insurance market totaled EUR 3.84 billion, 9.4% less y-o-y, according to the figures presented by the Hellenic Association of Insurance Companies (HAIC). The life insurance segment decreased by 14.1% y-o-y to approximately EUR 1.64 billion, basically still being one of the most affected insurance business line by the global economic and Eurozone debt crises. For the future insurance analysts forecasted an increase for the life GWP, but this projection is subject to a gradual improvement in the economy.
27 February 2014730,000 Uninsured Vehicles in GREECE
A committee, including representatives of the Public Order, Transport,
Finance Ministries and the Greek Union of Insurance Companies, after
examining the databases of the Greek insurance companies and the
Transport Ministry, announced that the number of uninsured vehicles in
Greece amounts to 730,000.
25 February 2014GREECE: ERGO to take over the Bank of Cyprus' non-life insurer
General Insurance of Cyprus (GIC) - member of the Bank of Cyprus Group has entered into a cooperation agreement with ERGO in Greece, for the gradual transfer to ERGO of the existing insurance policies which were issued by KYPROU Asfalistiki - the branch of GIC in Greece.
30 January 2014GREECE: One mln cars circulating without insurance
Because of the impact of the economic crisis on household budgets, about
one million vehicles are currently in circulation in Greece without
insurance, Kathimerini online reports quoting Costas Bertsias, Chairman
of Car Insurance Companies Association in Greece.
24 January 2014The average retirement age in GREECE stands at almost 58 years old
The average retirement age in Greece stands at just 57 years and eight
months according to a survey conducted by the Hellenic Statistical
Authority (ELSTAT). The survey used a sample from the quarterly work
force report from the April-June 2012 period for people aged between 50
and 69 years, and reached some very interesting conclusions.
6 January 2014GREECE, 3Q2013: Lower premiums following the motor insurance price war
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.
28 November 2013GREECE: Auto insurance industry takes a plunge
The price war in Greece's car insurance premiums is behind the dramatic
drop in the sector's turnover, which declined by 15.2 percent last year
compared to 2011 and another 6.5 percent on a yearly basis in the first
nine months of this year, according to a report on the sector issued by
the Hellenic Association of Insurance Companies.
25 November 2013GREECE 1H2013: 11% decrease in GWP under the prolonged crisis
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.
17 October 2013Guy Carpenter plans to develop insurance business in GREECE and CYPRUS
Marsh & McLennan Cos. Inc.'s Guy Carpenter & Co. L.L.C. unit has
made a "major strategic investment" in a new venture designed
specifically to help develop business in Greece, Cyprus and adjacent
countries, Guy Carpenter said Wednesday.
10 September 2013GREECE: Life insurers appear to have fared much better in the recent past
"Greece Insurance Report Q3 2013" reports that the news flow and data
from Greece's insurance sector highlights three key themes. First, the
economic crisis has finally had a (brutal) impact on the non-life
segment. Second, premiums in the life segment have held up remarkably
well. Third, the consolidation of Greece's banking sector is something
of a wildcard, and may bring around a consolidation among insurance
companies as well.
1 August 2013Greek insurers Q1 gross written premiums down by 13%
The Greek insurers reported gross written premiums of EUR 1.02 billion in the first quarter of 2013 as compared with EUR 1.18 billion a year earlier, according to the 1Q2013 Report published by the Hellenic Association of Insurance Companies (HAIC).
20 June 2013GREECE: Get insured or hand over the license plates?
Starting 14th April drivers will have to choose whether they will buy an MTPL insurance policy or give up their vehicles registration plates.
14 March 2013
