Market Size of Greece Life & Non-Life Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | < 3.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Greece Life & Non-Life Insurance Market Analysis
Of the 53 insurance enterprises that operated with an established status in Greece in 2020, based on their insurance operations, 33 were non-Life insurance enterprises, 6 were Life insurance enterprises, and 14 were composite companies acting Life and non-Life insurance (including life insurance enterprises which operate in Accident and Health branches from non-Life insurance).
In addition, insurance business in Greece is also carried out by insurance enterprises based in another E.U. Member State, under the freedom to provide services regime, which is supervised in terms of solvency by the competent supervisory authorities of the countries of origin.
The year 2020 was marked internationally by the COVID-19 pandemic that contributed to the negative course of the Greek economy and the banking system. The Greek economy, in contrast to the growth of 1.9% recorded in 2019, recorded a recession of 8.2%, thus keeping pace with the course of the European economy, where the total G.D.P. for 2020 shrank by 6.6%. The global economy faced the worst in peacetime, the recession of the last 100 years, as the global G.D.P. is estimated to have recorded a historical decline of 3.5%.
- However, the pandemic has led to some structural changes with significant positive results. The use of digital technology has accelerated, while digital leaps have been made in both the public and private sectors. The use of the funds of the European recovery instrument Next Generation EU is an opportunity for substantial transformation so that Greece can make the transition to a development model based mainly on the digital and green economy.
