Greece Insurance Report Q2 2016

Date: April 20, 2016
Pages: 58
US$ 1,295.00
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)

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Includes 3 FREE quarterly updates

BMI View: The Greek economy is expected to post a modest recovery in 2016, following years of significant decline. This bodes well for the insurance sector, which has been struggling in the face of widespread unemployment, pressure on household income levels and a lack of significant public or private investment in vital sectors such as infrastructure. We therefore expect premiums to show slight growth in 2016 in local currency terms, though the ongoing strengthening of the dollar against a weakening euro means premiums will continue to fall when measured in US dollar terms. Over the remainder of the forecast period, premium growth is expected to gather pace, particularly in the non-life sector, which is supported by the large, and compulsory, motor insurance segment.

Key Updates And Forecasts
  • Protests have followed a European Court of Justice ruling which states that Greece must reclaim EUR425mn of insurance payments made to farmers for crop damage in 2009. The payments were made from the state-owned Greek Agricultural Insurance Organization but were funded by loans from banks which were guaranteed by the state, not insurance contributions.
  • Greece's non-life sector is considerably larger than the life market and expected to record more positive growth over the forecast period, largely as a result of demand for compulsory motor insurance products. We expect gross non-life premiums to grow by an average of 3.1% annually over the forecast period between 2016 and 2020, when measured in local currency terms.
BMI Industry View
  Table: Headline Insurance Forecasts (Greece 2013-2020)
Industry Forecast
Life Premiums Forecast
  Table: Life Premiums (Greece 2013-2020)
  Table: Life Insurance Claims (Greece 2008-2014)
Non-Life Premiums Forecast
  Table: Non-Life Premiums (Greece 2013-2020)
  Table: Non-Life Insurance Claims (Greece 2009-2014)
Non-Life Sub-Sector Forecast
  Table: Non-Life Insurance Premiums By Product Line (Greece 2013-2020)
Insurance Risk/Reward Index
Emerging Europe Risk/Reward Index
  Table: Emerging Europe Insurance Risk/Reward Index - Q216
Market Overview
Life Market Overview
The Product Offering
The Competitive Landscape
Non-Life Market Overview
The Product Offering
The Competitive Landscape
Company Profile
Ethniki Insurance
Industry Forecast Methodology
Risk/Reward Index Methodology
  Table: Indicators
  Table: Weighting of Indicators
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