The Greek insurance market totaled EUR 5.26 billion at the end of 2023, up by 8.9% from EUR 4.84 billion a year before, according to the year-end market figures published by Hellenic Association of Insurance Companies.
The non-life insurance increased by 12.1% to EUR 2.7 billion, while in the case of life business lines, Greek insurers generated about EUR 2.56 billion in GWP, up by 5.7%.
In the case of non-life sub-classes, all main lines of business posted positive rates, while in life business, traditional products posted a 5.9% negative rate to EUR 1.15 billion.
The Greek insurance market has shown remarkable growth and resilience in recent years. In 2022, the market expanded by 4.2% year-on-year, reaching a total of €4.85 billion, with the non-life insurance segment growing by 6.1% to EUR 2.41 billion.
This growth trajectory continued into the first quarter of 2023, where the market grew by nearly 7% year-on-year to €1.23 billion, and the general insurance segment saw an almost 10% increase to €656.5 million.
A significant factor contributing to the market’s growth has been the increase in passenger car registrations, which has, in turn, fueled the growth of the non-life insurance market in Greece. The industry for rental and leasing of cars and light motor vehicles reached approximately EUR 600 million in revenue in 2022, with projections indicating a reach of EUR 1,970 million in 2023.
The Greek insurance market’s contribution to the country’s GDP has also been notable.
The share of total registered premiums in Greece’s GDP increased to 2.62%. This rise was despite a moderate decrease in premium production compared to a significant GDP contraction of 9.8% at current prices.
The ratio of investments in the Greek insurance market to GDP reached 10.1%. Despite this growth, the investment ratio remains below the European average for countries with a higher degree of insurance market growth.
The market is characterized by less competition, with a few strong players dominating.
Key players in the Greek life and non-life insurance market include Ethniki, Hellenic General Insurance, NN Hellenic Life Insurance, ERGO Insurance Company, AXA Insurance and Allianz Insurance.
These companies have been instrumental in leading the market to new heights through innovations and partnerships.
The market’s expansion is a positive sign for the broader economy, reflecting an insured lifestyle preference and innovative platforms becoming more efficient and widely accepted among the Greek population.
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