Greek insurance market experienced growth in 9M 2023

The Greek insurance market experienced growth in the three quarters of 2023, reaching EUR 3.8 billion. This represents a 9.7% year-over-year increase, according to HAIC – Hellenic Association of Insurance Companies.

The non-life insurance segment in 9M 2023 saw an 11% growth to EUR 2 billion, with major contributions from Motor Third Party Liability (MTPL), Motor Own Damage (MoD), and property insurance.

The life insurance sector also grew by 8.4% to EUR 1.8 billion, bolstered by a 9.2% increase in life unit-linked products.

The market data includes figures from 49 insurers, encompassing various forms of companies, including those established in Greece, EU branches, and FOS insurers.

43 were active in Non-Life insurance and 15 in Life insurance, 27 were established in Greece in the form of S.A. Insurance Company, 2 in the form of mutual insurance cooperative, 15 as EU branches and 5 FOS insurers.

Greek insurance market experienced growth in 9M 2023

Looking ahead to 2024, analysts forecasts continued growth in the Greek insurance market, driven by factors such as economic recovery, increasing awareness of insurance products, and technological advancements in the sector.

The trend of digital transformation in insurance services and the potential rise in demand for insurance products, including health, property, and life insurance, could further fuel this growth.

However, it’s important to note that such forecasts are subject to change based on economic conditions and regulatory developments within Greece and the broader European region.

In 2022, the Greek insurance market experienced a growth of 4.2%, reaching €4.85 billion. The non-life insurance segment expanded by 6.1%, totaling EUR 2.41 billion.

Nataly Kramer   by Nataly Kramer