Life and Non-Life insurance market in Greece - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Life and Non-Life insurance market in Greece - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Key Highlights

• The life and non-life insurance market in Greece is estimated to witness a CAGR of approximately 2% during the forecast period.
• In 2018, the share of total production recorded premiums on the country's GDP fell slightly to 2.19% from 2.20% in 2017. This is because of the production of premium, slightly lower than GDP growth.
• Life and health insurance is one of the largest sectors of activity of private insurance in Greece, with total premium production of EUR 2.15 billion, in 2018, which increased by 1.3% compared to 2017. The corresponding output of non-life insurance was EUR 2.2 billion (+ 3,6%). Overall in 2018, written premiums (Life, Health, and Damage) amounted to EUR 4.0 billion (+ 1.75% compared to 2017).
• In life insurance, car insurance (third-party motor liability and additional coverages) recorded a marginal decrease of 0.3%, while other sectors except automotive increased their production by about 7.7%. The car insurance in 2018 continued to be one of the most important sectors in the Greek insurance market, due to volume production with 25% participation of the total production of life insurance and non-life insurance and 47% on production premiums of non-life insurance sectors. The written premiums sector was likely to decrease in 2018 by 0.3% versus 2017, against an increasing premium of non-life insurance by 4%.
• In Property insurance, premium revenue per distribution channel was as follows: independent insurance intermediaries (brokers, agents) accounted for 47.7%, banking insurance accounted for 37.3%, direct sales accounted for 7.5%, and associated companies accounted for 7.4%.

Key Market TrendsIncrease in GDP (Gross domestic product) Per Capita:

GDP per capita is a very important indicator of the economic strength of a country, and a positive change is an indicator of economic growth. The per capita income of the country has increased in recent years and expected to continue. The insurance industry can make significant financial contributions to the national economy. It contributes to the creation of national income by generating added value through the payment of compensation and its position as an institutional investor. As a country develops and its gross domestic product rises, the demand for insurance increases considerably, as the macro-economic emphasis starts to change or deviate from its earlier incarnation.

Increase in Passenger Car registration:

The new passenger car market was up by 23.6% in December compared to the same period the year before. Overall, the passenger car market continued for a seventh consecutive year its positive course by posting 114,109 registrations as compared to 103,431 registrations the year before, up by 10.3%. As the car insurance market is one of the important sectors in the Greece insurance market. Automotive is the biggest line of business in the insurance industry; that is why most non-life insurers are understandably focused on auto insurance.

Competitive Landscape

The report covers the major players operating in the life and non-life insurance market in Greece. The market is fragmented, and it is expected to grow during the forecast period, due to recovering in the economy and other few factors.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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