Greece

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Location map
author: OCHA/ ReliefWeb


Location:
- Southern Europe;
- borders Ionian Sea and Mediterranean Sea;
- peninsular country, possessing an archipelago of about 3,000 islands, dominating the Aegean Sea and the southern entrance to the Turkish Straits;
- Neighbours: Cyprus, Turkey, Bulgaria, Macedonia, Albania, Italy.

Climate:
- Mediterranean climate with mild wet winters and hot, dry summers;
- snowfalls do occur occasionally during the winter.

Natural Hazards:
- severe earthquakes;
- droughts;
- wildfires.

Macro indicators
* 2018 estimates
Surface:131,957km2
Population*:10.7million
Pop. density*:81.4people/km2
GDP*:185.5EUR billion
GDP/capita*:17,274.8EUR

European Union:
EU member, since 1981

Currency: Euro
Code: EUR
Since: 2001


Insurance market portfolio
* 2018 estimates
TOTAL LIFE*:48%
TOTAL NON-LIFE*:52%
Overall Property*:11%
Overall Motor*:25%

Sources:



 


Statistics

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Greece 1H2020 Market Portfolio

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Greece 1Q2020 Market Portfolio


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Latest news

Ergo considers axing GREEK acquisition

Munich Re's insurance subsidiary Ergo has said it is considering terminating its previously announced EUR90mn acquisition of Greek bancassurer ATE Insurance from Piraeus Bank. In a statement provided to The Insurance Insider, Ergo said it was in close contact with the bank and that it was looking into the possible consequences of "any change" to the political situation in Greece.

Holiday Extras upgrades cash cover for GREECE

People travelling to Greece this summer are being offered improved insurance to cover extra cash they are being advised to take with them. The move by Holiday Extras and underwriters Allianz and White Horse follows advice from the Foreign and Commonwealth Office and Abta that holidaymakers take additional funds with them as ATMs and banking services may be limited.

Vacationers cautioned to purchase the right travel insurance when heading to GREECE

Vacationers who have been planning to head to Greece are being warned that they might want to take a second look at their travel insurance policies in order to make sure that they will indeed have the types of coverage that could be needed if the financial environment stats to collapse even more than it already has.

GREECE: Insurance firms increase cash cover

Travel insurance companies are increasing cover to take account of the extra cash that tourists will have to take to Greece this summer following the shut down of its banking system.


VODAFONE GREECE extends insurance to call centre employees

Vodafone Greece announced new insurance benefits for employees of 360 Connect, its call centre and back-office support unit. From 01 July, all employees of the unit and their families will benefit from hospitalisation and life/accident insurance.

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).

STATISTICS: 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).

STATISTICS: 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).

STATISTICS: 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).

GREECE: 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.

GREECE, 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).

GREECE: 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.

GREECE: 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.

The 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.

730,000 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.

GREECE: 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.

GREECE: 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.

The 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.

GREECE, 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.