Location map
author: OCHA/ ReliefWeb

- 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.

- 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
Pop. density*:81.4people/km2
GDP*:185.5EUR billion

European Union:
EU member, since 1981

Currency: Euro
Code: EUR
Since: 2001

Insurance market portfolio
* 2018 estimates
Overall Property*:11%
Overall Motor*:25%




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Greece FY2023 Market Portfolio

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Greece 3Q2023 Market Portfolio

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Latest news

Allianz to expand its presence in Greece by acquiring non-life insurer European Reliance

Allianz SE today announced it is entering into certain Share Purchase Agreements (SPAs) to acquire 72% of Greek insurer European Reliance General Insurance Company. The German insurer will pay EUR 7.80 per share or approximately EUR 207 million to acquire all the outstanding shares via the SPAs and a combined Voluntary Tender Offer.

GREECE: Risk of reduced profitability remains high

The risk of reduced profitability, mainly in the long run, remains high, due to reduced demand for non-compulsory insurance, as stated by the Bank of Greece in its latest Financial Stability Report.

EBRD supports innovative digital-driven insurance company in Greece

The European Bank for Reconstruction and Development (EBRD) is providing a mandatory convertible debt facility of EUR 10 million to Hellas Direct Insurance Limited, a fast growing, tech-driven insurance company, to support its growth and provide the company with solvency capital. The debt facility is part of a larger financing round of EUR 32 million.

STATISTICS: Over EUR 1 billion in Q1 GWP for Greek insurers

HAIC - the Hellenic Association of Insurance Companies has published the Q1 20201 preliminary figures of the local insurance market. According to the data of the member insurance companies, the value of aggregate GWP - life and non-life insurance, added-up, was up by 8.1% y-o-y to EUR 1.07 billion.

Thus, during the first quarter of 2021, the Greek life insurance segment increased by more than 14% y-o-y to EUR 518.7 million, while the general insurance subclasses expanded by almost 3% y-o-y to EUR 557 million.

The Q1 2020 market results published by HAIC include the figures for 50 insurance companies of which 18 were active in life insurance (and accounted for 99.8% of the segment market's full data for 2020) and 45 were active in non-life insurance (94.6% market share).

NBG shareholders approved the sale of Ethniki

Th National Bank of Greece, the shareholder of Ethniki Asfalistiki - the largest and the oldest insurer in the country - announced that on Extraordinary General Meeting of its Shareholders held on April 21st 2021 remotely in real-time via teleconference it was approved the sale of 90.01% in the company to CVC.

SSL Endeavour rebranded to OneGlobal Insurance Broking, in Greece & Cyprus

SSL Endeavour in Greece & Cyprus has now officially rebranded to OneGlobal Insurance Broking Ltd in full alignment with the Group's businesses globally. The group's rebranding operation started in June 2020, announcing ambitious plans for organic growth and the acquisition of like-minded broking businesses and talented individuals.

GENERALI consolidates its presence in Greece with the acquisition of AXA's units

Global insurers AXA and GENERALI announced that they entered into an agreement on the Greek market. Under the terms of the agreement, AXA will sell its Life & Savings and Property & Casualty businesses in the country to GENERALI for a consideration of EUR 165 million, representing a multiple of 12.2 times 2019 earnings, subject to closing adjustments.

GREECE: The ETHNIKI investor to include in contract a target clause

National Bank of Greece is in advanced talks with CVC Capital Partners about the sale of ETHNIKI Insurance - the largest insurance company in Greece. The value of the transaction of sale of 80% of Greek insurer - mentioned by media is around EUR 460-480 million.