According to the half-year market figures published by HAIC - the Hellenic Association of Insurance Companies, the Greek insurance market totaled EUR 2.8 billion at the end of 1H2024, up by 6.7% y-o-y from EUR 2.63 billion a year before. The non-life insurance increased by 8.5% y-o-y, to EUR 1.44 billion, while in the case of life business lines, Greek insurers generated about EUR 1.37 billion in GWP, up by 4.90% y-o-y.

In a year in which Greece was again challenged by natural disasters, property insurance saw an overall 14.77% growth, to EUR 300.85 million. In 2024 insurers have responded to the increased frequently of wildfires, earthquakes, and floods that impacted the country the previous year by introducing or enhancing products designed to offer protection against natural disasters.

Of the approximately 6.17 million homes registered in Greece, only around 1 million are privately insured. To boost insurance intake, the Greek government has introduced a set of measures aimed at boosting property insurance coverage, including offering fiscal incentives for homeowners and mandating insurance for certain categories of corporate buildings and vehicles. For the time being, its practical effectiveness remains in question.

Access xprimm.com and download the H1 2024 Greek insurance market statistics.