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Greece

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Greece

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Greece Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Greece includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Greece can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Employee Benefits Reports Global Statistics Regulatory Alerts Market Profiles Insight Compliance Insight EB Compliance Point Clinical Trials Axco API Insight Risk Manager

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
latest GWP
Insurance Penetration (%)
GMT+2
Athens
EUR
10.37 mn
3.79%
0.93%
4,275.98 (mn)
2.29

Insurance in Greece is underdeveloped in comparison to other EU countries. Although commercial entities appreciate the value of insurance, which is often a requirement of any financing or bank loan, private individuals generally do not, either not insuring at all or only buying the minimum amounts required by law or contract. The relatively low per capita income level and severe economic recession, from which Greece started to emerge in 2018, also depressed insurance penetration hindered life insurance market growth with individuals prioritising paying their punitively high taxes and social security contributions and making some healthcare provision.

Motor is the dominant business, followed by property. The latter consists mainly of commercial and industrial risks despite  Greece being the most seismically active country in Europe because of its location on the convergence of several fault lines. Liability insurance is largely underdeveloped.

 in 2019, 37 insurers Greece were supervised. Of these two are life only, 18 non-life and 17 composite companies. At the end of 2015 the total number was 45. The reduction is due partly to mergers, portfolio transfers and runoffs, partly the supervisor's decisions.

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