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Greece Insurance Report Q3 2016

  • July 2016
  • -
  • Business Monitor International
  • -
  • 59 pages

Includes 3 FREE quarterly updates

BMI View: Greece's insurance market is showing signs of stabilising as the economy starts to recover andgrow again, albeit at a snail's pace. We forecast positive growth in non-life premiums in 2016 and throughthe remainder of the forecast period, lifted in large part by growth in vehicle ownership and hence newcompulsory motor insurance policies. The life sector will remain slightly behind given that it is adiscretionary and non-essential item. Over the long-term we expect falling unemployment levels and risinghousehold incomes to gradually support the development of the market, particularly within smaller linessuch as health insurance, where density is extremely low at present. However, significant downside risksexist, not least the prospect of further austerity measures, which will eat away at disposable incomes. As aresult, interest in the market from multinationals and potential investors will remain muted until morerobust signs of recovery are seen.Key Updates And Forecasts

- Greece's non-life sector will remain the better performing of the two market segments we monitor, andwill be boosted by steady growth in motor vehicle premiums, which will in turn benefit from theexpansion of the country's vehicle fleet. We forecast non-life premiums to grow by 1.3% in EUR terms in2016 and to fall by 2.2% in USD terms. Growth will average 3.3% and 6.3% a year respectively over theforecast period to reach EUR2.5bn (USD3.1bn).

- An important driver for the non-life market could be the government's plans to subsidise health insurancecoverage for low-income households affected by the recent austerity measures. At present, healthinsurance is very much a niche product and density is lower than in the majority of Western Europeancountries.

Table Of Contents

Greece Insurance Report Q3 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Greece 2013-2020) 5
Insurance 7
Industry Forecast 9
Life Premiums Forecast 9
Table: Life Premiums (Greece 2013-2020) 12
Table: Life Insurance Claims, Greece 12
Non-Life Premiums Forecast 13
Table: Non-Life Premiums (Greece 2013-2020) 16
Table: Non-Life Insurance Claims, Greece 18
Non-Life Sub-Sector Forecast 19
Table: Non-Life Insurance Premiums by Product Line (Greece 2013-2020) 28
Insurance Risk/Reward Index 29
Emerging Europe Risk/Reward Index 29
Table: Emerging Europe Insurance Risk/Reward Index - Q316 30
Market Overview 31
Life Market Overview 31
Product Offering 31
Competitive Landscape 32
Non-Life Market Overview 34
Product Offering 34
Competitive Landscape 35
Company Profile 37
Achmea 37
Allianz 40
Ethniki Insurance 43
Generali 46
Groupama 50
Methodology 53
Industry Forecast Methodology 53
Risk/Reward Index Methodology 56
Table: Indicators 58
Table: Weighting of Indicators 59

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