Property and Casualty Insurance Market in Greece - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Property and casualty insurance market in Greece. The market is segmented by type (Home, Motor, and Others) by Distribution Channel (Direct, Agency, bank, and Others)

Market Snapshot

Study Period: 2016 - 2026
Base Year: 2021
CAGR: <3 %

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Market Overview

  • Property and casualty insurance market in Greece is estimated to grow at a CAGR of approximately 3% during the forecast period.
  • Property insurance is a very important branch of the Greek insurance market. In 2018 Premium production per distribution channel was as follows: independent insurance intermediaries (brokers, agents) accounted for 47.7%, bancassurance accounted for 37.3%, direct sales stood at 7.5% and tied agency at 7.4%. Motor insurance is one of the most important insurance branches in Greece. Motor insurance premium represents 49% of Non-life insurance business and 26.3% of the total premium (Life and Non-Life insurance), as of 2018.
  • Total premium of motor insurance, Motor third party liability (MTPL) for 2018 was Euro 1.07 billion, an increase of 0.4% compared to2017. Over the same period, total Non-life business recorded production of Euro 2.2 billion, increased by 3.9% over the previous year. In Q3 2019, non-life insurance Gross Written Premium accounted for 51.8% of the total EUR 1.55 billion, or 1.4% more year on year.
  • International Finance Corporation’s investments in insurtech include equity participation in Hellas Direct, a technology driven direct insurer writing motor and property insurance in Greece and Cyprus. The company’s innovations include offering short term policies and 48-hour claims settlements. In 2018, IFC provided a Euro 3.5 million investment in Hellas Direct, part of a USD 7 million equity offering by the company to help expand its offerings within the Greek insurance market. The investment will help diversify Greece’s financial sector and make car insurance accessible and affordable to more Greeks and improve customer service.

Scope of the Report

This report aims to provide a detailed analysis of the Property and casualty insurance market in Greece. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights on various product and application types. Also, it analyses the key players and the competitive landscape in the Property and casualty insurance market in Greece.

By Insurance type
Home
Motor
Others
By Channel of Distribution
Direct
Agency
Brokers
Others

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Key Market Trends

Increase in number of motor vehicles usage:

In recent years Motor vehicle usage is increasing year on year in the country, 49% of the non-life insurance business comes from MTPL (motor third party liability). The Government has made Motor third-party liability insurance and aviation liability insurance are compulsory. Since motor vehicle usage is increasing, as a result, subscription of MTPL or any motor insurance is expected to rise. After six years of recession (2008-2014, Greece returned to growth rates (+0.4%) in 2014. However, this trend was interrupted in 2015 and the economy ended the year with a recession of -0.2% later slightly recovered and in 2017 GDP was at 1.4% and non-life insurance saw growth as it is linked with the economy. In Greece, motor insurance holds the highest share in Non-life, so it is expected to increase during the forecast period. Since 2016 (MTPL) Motor third party liability claims cost is slightly reduced from Euro 1,695 to Euro 1400 in 2018, this is expected to recover in the coming years.

T1

Insurance penetration is low and it is an opportunity to expand the business:

The Greek economy has been in recession since 2010 and has the lowest level of insurance penetration in the European Union. Nevertheless, there are pockets of growth and optimism. The financial crisis in Greece was a big opportunity for the business to disrupt the existing insurance business model. In Greece Insurance penetration is low and it turns out to be an opportunity for the insurers to expand their business and increase the market share in the business.

t2

Competitive Landscape

The report covers the major players operating in the Property and casualty insurance market in Greece. The market is fragmented, due to low penetration in the insurance market and many other factors drive the market during the forecast period.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porters 5 Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Insurance type

      1. 5.1.1 Home

      2. 5.1.2 Motor

      3. 5.1.3 Others

    2. 5.2 By Channel of Distribution

      1. 5.2.1 Direct

      2. 5.2.2 Agency

      3. 5.2.3 Brokers

      4. 5.2.4 Others

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Mergers & Acquisitions

    3. 6.3 Company Profiles

      1. 6.3.1 ETHNIKI, THE, HELLENIC GENERAL INSURANCE CO. S.A.

      2. 6.3.2 ERGO INSURANCE COMPANY S.A.

      3. 6.3.3 AXA INSURANCE S.A.

      4. 6.3.4 EUROPEAN RELIANCE GENERAL INSURANCE CO. S.A.

      5. 6.3.5 GENERALI HELLAS INSURANCE COMPANY S.A.

      6. 6.3.6 ALLIANZ HELLAS INSURANCE COMPANY SA

      7. 6.3.7 GROUPAMA PHOENIX HELLENIC INSURANCE S.A.

      8. 6.3.8 INTERSALONIKA GENIKON ASFALISEON ANONIMI ETAIRIA

      9. 6.3.9 YDROGIOS INSURANCE & REINSURANCE S.A.

      10. 6.3.10 INTERLIFE GENERAL INSURANCE COMPANY S.A.

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Property and Casualty Insurance Market market is studied from 2016 - 2026.

The Property and Casualty Insurance Market is growing at a CAGR of <3% over the next 5 years.

ETHNIKI, THE, HELLENIC GENERAL INSURANCE CO. S.A., ERGO INSURANCE COMPANY S.A., AXA INSURANCE S.A., EUROPEAN RELIANCE GENERAL INSURANCE CO. S.A., GENERALI HELLAS INSURANCE COMPANY S.A. are the major companies operating in Property and Casualty Insurance Market.

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