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Greece Insurance Report Q1 2016

  • January 2016
  • -
  • Business Monitor International
  • -
  • 55 pages

BMI View: Greece's insurance sector will be faced with significant challenges over the coming years as thecountry's economic crisis continues to undermine demand for personal and corporate lines. Weakhousehold spending will remain a primary obstacle for the majority of insurers, particularly providers ofperceived non-essential covers including life and health insurance products. Amid intense price pressuresour expectations are for premiums to grow at a fairly modest pace despite coming from a low base. Whilegrowth will begin to pick up towards the end of the forecast period, we expect there to be relatively fewopportunities for companies to grow their business. On the other hand, continued divestment by localinsurers may create a window for new entrants.

Recent Updates And Developments:

- We have revised a number of our premiums growth forecasts for this quarter following furtherdowngrades to our economic outlook for the country. In the life segment we forecast premiums to growby just 0.6% a year on average over 2015-2019 in EUR terms, translating to a contraction of 1.2% y-o-yin USD terms. Growth in non-life premiums will also be weak, with premiums se to grow by 1.6% overthe period in EUR terms and to decline by 0.1% y-o-y in USD terms.

- In December 2015, it was reported that banking group NBG was poised to sell at least 75% of its stake inEthniki Insurance as part of a planned divestment of the group's non-banking activities. The companywill also reportedly sell its share in Turkish insurance company Finansbank as well as two otherunnamed overseas assets. The move reflects the continued fragility of Greece's financial sector and thelimited access to capital of the country's banks.

Table Of Contents

Greece Insurance Report Q1 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Greece 2012-2019) 5
Insurance 6
Industry Forecast 8
Life Premiums Forecast 8
Table: Life Premiums (Greece 2012-2019) 11
Table: Life Insurance Claims (Greece 2007-2014) 11
Non-Life Premiums Forecast 12
Table: Non-Life Premiums (Greece 2012-2019) 15
Table: Non-Life Insurance Claims (Greece 2008-2014) 17
Non-Life Sub-Sector Forecast 17
Table: Non-Life Insurance Premiums by Product Line (Greece 2012-2019) 26
Industry Risk Reward Ratings 27
Emerging Europe Risk/Reward Index 27
Table: Emerging Europe Insurance Risk/Reward Index 28
Market Overview 29
Life Market Overview 29
The Product Offering 29
The Competitive Landscape 30
Non Life Market Overview 31
The Product Offering 31
The Competitive Landscape 32
Company Profile 35
Achmea 35
Allianz 37
Ethniki Insurance 40
Generali 43
Groupama 47
Methodology 49
Industry Forecast Methodology 49
Risk/Reward Index Methodology 52
Table: Indicators 54
Table: Weighting of Indicators 55

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