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.

Share |

Related articles

GREECE: 1993-2018 natural catastrophes report

During 1993-2018, Greece insurers paid EUR 359 million for natural catastrophes claims. The 1999 earthquake was by far the most devastating and costly natural disaster, when a total of EUR 111 million in insurance indemnities were paid to the victims.

2019-02-28

Greece: new bid for the Ethniki acquisition

After the failure of the previously announced acquisition attempts made by Fosun, Exin or Gongbao, it seems that a new opportunity to sell Ethniki - Hellenic General Insurance Co. presented itself to National Bank of Greece, with a bid launched by a consortium led by Hannover Re S.E.

2019-01-09

ON THE MOVE

Bulgaria: Boiko ATANASSOV appointed as FSC's head

The Parliament of the Republic of Bulgaria appointed Boiko ATANASSOV as Chairperson of the Financial Supervision Commission (FSC) on March 15, with 134 votes in favour, none opposed or abstained.

21.03.2019

TOP EVENT

Conclusions: TBILISI - the first Georgian International Insurance Conference

Today takes place in Tbilisi the first Georgian International Insurance Conference, an event that will put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system is the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.

14.03.2019

Motor insurance - becoming more financially efficient and consumer friendly

Under the strong pressure put by the technological evolution, the motor insurance business is rapidly changing, both in operational terms and, most visible, in the way insurers are interacting with their customers. Step by step, the insurers' relationship with customers evolves from simply indemnifying insureds for the losses suffered because of road incidents, to helping them prevent incidents and rapidly recover after the accidents that couldn't be avoided.

27.02.2019

See all