Last year, the Greek insurance market registered a decrease in insurance GWP of 7.1% to EUR 4.7 billion, as compared to 2010, according with the research conducted by the EAEE - (Hellenic Association of Insurance Companies).


By insurance classes, all major sectors of life insurance showed a downsize trend, apart from the sectors of life insurances related with investments and health. In the life insurance department production reached EUR 2.1 billion, most of this amount concentrating on the traditional life insurance lines which accounted for 61.4% of the total life underwritings. Life insurances though, that are related with investments reached EUR 367 million, with a share of the total the amount of 17.4% while management of group pension funds collected EUR 282 million or 13.3% of the production.

Overall, it appears that the production of direct life insurance was decreased by 7.9% leaving just life insurances related with investments showing an increase of 30.3% and those of health which recorded a 34.2% increase. In spite of that the life insurance sector noted a great reduction of 20.7%.


Regarding non-life premium insurances, the production was of EUR 2.65 billion, demonstrating a 6.5% reduction. In particular motor insurances fell by 6.2%, while property insurances decreased by 8%. The MTPL sector now is the largest branch of non-life insurances, with a production on premiums of almost EUR 1.4 billion, holding 51.5% of the total. Second in premium production is the Fire and allied perils branch, with EUR 435 million or in other words 15.6% of the total non-life insurance branches.

Motor Hull and Damages to property branches are also notable with the first making a production of EUR 339 million, occupying 12.8% and the second EUR 120 million, with 4.5% of the total production. Looking at the summed output premium production of MTPL and Motor Hull, one would observe that it amounts EUR 1.7 billion, or a 64.3% share of the non-life insurance production.

Insurance coverage for fire and other property liability insurances gathered almost EUR 568 million which corresponds to 21.4% of the total production, 8.0% less as compared with 2010.


Note:

The research was conducted with the data send to EAEE by 61 insurance companies that represent 96.3% of Greece's production in premium insurances. Of the above insurance companies 22 engaged in life insurance (99% of the market share) and 50 in non-life insurance (market share 94.2%).