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Property And Casualty Insurance In Greece - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

The Property And Casualty Insurance Market In Greece Market size in terms of gross written premiums value is expected to grow from USD 2.40 billion in 2024 to USD 2.84 billion by 2029, at a CAGR of 4.23% during the forecast period (2024-2029).

Greece property and casualty insurance covers losses or damages to residential or commercial property as well as legal liability for wrongdoing. This kind of insurance is crucial for safeguarding property and reducing the financial risks brought on by unforeseen circumstances. Casualty and property insurance in Greece are regulated by the Hellenic Private Insurance Supervisory Committee (HPISC), which is responsible for supervising and regulating the insurance sector in the country.

The cost of property and casualty insurance in Greece can vary depending on several factors, including the type of coverage, the level of risk, and the policyholder's claims history. In general, insurance premiums in Greece are relatively affordable compared to other European countries. Most insurance companies in Greece offer online platforms where customers can purchase insurance policies and manage their accounts. Additionally, insurance agents and brokers are available to guide and assist customers who need help selecting the right policy for their needs.

The Property and Casualty Insurance Market in Greece is Segmented by Type (Home, Motor, and Other Types) and by Distribution Channel (Direct, Agency, Bank, and Other Distribution Channels).

The Report Offers Market Size and Forecasts for the Greece Property and Casualty Insurance Market in Value (USD) for all the Above Segments.

Greece Property and Casualty Insurance Market Trends

Rising Internet Penetration and Technological Advancements are Driving the Market

The rise in internet penetration in Greece is having a positive impact on the P&C Insurance market. With more people using their phones and computers than ever before, insurance companies are increasingly turning to online platforms to attract new clients, manage policies, and handle claims. Digitalization improves efficiency, improves the customer experience, and allows for new insurance products to be created. In recent years, several technological developments have had a positive impact on many areas of the Greece property & casualty insurance market, such as underwriting, claims processing, and customer experience. Technological advances such as the introduction of drones for property inspection and the development of data analytics tools can help insurers simplify their underwriting processes and risk assessment. In order to improve the customer experience and reduce costs, Greek insurers are increasingly digitizing all aspects of their operations, including their customer's face-to-face services. They are now able to automate the underwriting process and claim handling, which can significantly reduce their costs and overhead. Technology can also lead to the development of new services and products.

Increasing Automobile Sales Witnessing Upward Trend of Greece P&C Insurance Market

The increase in automobile sales has witnessed growth in the P&C insurance market in Greece. The Greek cars market grew for the 17th month in a row with 10,452 new registrations, an increase of 29.5%. The year-to-date (YTD) figure stands at an increase of 27.8% compared to the previous year. Brand-wise, Toyota became the new market leader, with an increase of 8.8%. Followed by Peugeot with an increase of 14.2%, and others. As the middle-class population continues to grow in Greece, the needs and requirements of consumers are evolving. Young adults living in cities are the new growth drivers for the industry, as they offer a generation of young consumers who can afford a car.

Greece Property and Casualty Insurance Industry Overview

The property and casualty insurance market in Greece is considered to be relatively fragmented, with a mix of large, medium, and small insurers operating in the country. The market is competitive, with both domestic and international insurance companies offering a wide range of products and services to individuals and businesses. It is important to note that the Greek market for property and casualty insurance has recently undergone some consolidation as a result of several mergers and acquisitions among insurance companies. Although some insurers have increased their market shares as a result of these transactions, the market as a whole is still competitive and diverse. Some of the major players operating in the market include Allianz Greece, AXA Greece, Ergo Insurance, Ethniki Hellenic General Insurance Company, and Eurobank Insurance.

Additional Benefits:

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