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).

On the life segment, traditional policies accounted for the largest share in total GWP - about 31.1%, and reported a subunitary growth rate of 0.4% to EUR 1.18 billion. At the same time, GWP for unit-linked products increased in absolute value by more than EUR 150 million (or 61% more y-o-y), strongly influencing the positive trend of the life insurance segment.

On the non-life side, all major insurance classes posted negative rates as follows: -13.3% - MTPL, -12% motor hull insurance, -9% for the two property insurance lines. The three mentioned classes accounted for about 42% of total market and had a strong influence on the aggregate negative rate of the non-life insurance sector.

The preliminary market results published by HAIC include the figures for 59 insurance companies accounting for 94.6% of the total market. Of these, 21 were active on the life segment (97.8% market share) and 49 were active in the non-life segment (91.9% market share). "All insurance member companies, which are established in Greece, were taken into account, while the ones operating under freedom of service (F.O.S.) were excluded", HAIC noted in the report.

Access www.xprimm.com and download FY2014 Greece insurance market statistics.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

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