The GREEK market closed the year with a 9.4% decrease y-o-y

27 February 2014 — Vlad BOLDIJAR
greece-statisticsIn 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.

As for the non-life segment, it reported a negative dynamics of 5.5% y-o-y, due to a 10.6% decrease in motor hull insurance, while the MTPL insurance sector - the most representative non-life insurance class (28.2% of total market) - went down by 7.2% y-o-y.

According to the local media, the price war in Greece's car insurance premiums is behind the drop in the sector turnover. "Due to the competition between the insurance companies, insurance premiums have been significantly reduced. Last year, insurance premiums fell by 15% while in 2014 it is expected that they will decrease by 8%," reported.

Even so, the number of uninsured vehicles in Greece totaled 730,000, according to the figures presented by the Greek Union of Insurance Companies and the Transport Minister last week. In Greece, the owner of an uninsured car would pay EUR 500, while the license plates, driving licenses and vehicle registrations are removed by the police. The fine for an uninsured motorcycle is EUR 250 and EUR 1,000 for buses and trucks.

Access and download FY2013 Greece insurance market statistics.

Note: HAIC surveyed the Greek market regarding the premium production for the twelve months of 2013. 60 insurance enterprises-members responded, which accumulated 94.6% of premiums (including policy fee) according to the full data on insurance market for 2012. From the above, 22 were active in Life insurance (98.8% market share) and 49 were active in Non-life insurance (91.3% market share).

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