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Synopsis
Timetric’s 'Life Insurance in Greece, Key Trends and Opportunities to 2019' report provides a detailed analysis of the market trends, drivers and challenges in the Greek life insurance segment.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review (2010–2014) and forecast periods (2014–2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Greek economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary
Timetric’s 'Life Insurance in Greece, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Greek life insurance segment, including:

- The segment’s growth prospects by life insurance category

- Key trends, drivers and challenges for the segment

- A comprehensive overview of the Greek economy and demographics

- The various distribution channels in the segment

- Details of the competitive landscape in the segment

- Details of regulatory policy applicable to the Greek insurance industry

Scope
This report provides a comprehensive analysis of the life insurance segment in Greece:

- It provides historical values for the Greek life insurance segment for the report’s 2010–2014 review period, and projected figures for the 2014–2019 forecast period.

- It offers a detailed analysis of the key categories in the segment, and market forecasts to 2019.

- It analyzes the various distribution channels for life insurance products in Greece.

- It profiles the top life insurance companies in Greece and outlines the key regulations affecting them.

Reasons To Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Greek life insurance segment, and each category within it.

- Understand the demand-side dynamics, key market trends and growth opportunities in the segment.

- Assess the competitive dynamics in the life insurance segment.

- Identify growth opportunities and market dynamics in key product categories.

- Gain insights into key regulations governing the Greek insurance industry, and their impact on companies and the industry's future.

Key Highlights
- Life insurance was the second-largest segment in the industry in 2014, accounting for 44.0% of its gross written premium.

- Greek public pension funds declined due to high government debt during the review period.

- The individual whole life category accounted for 69.2% of the life gross written premium in 2014.

- Debt crises and increments in capital and solvency reserves by the regulatory body resulted in a decline in the volume of insurers operating in Greece.

- The demand for bancassurance is expected to decline over the forecast period, due to lack of consumer confidence in banks.

- Solvency II was implemented on January 1, 2016.

Table Of Contents

Life Insurance in Greece, Key Trends and Opportunities to 2019
Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Life Insurance Outlook
4.1 Key Drivers
4.2 Key Trends
4.3 Challenges
4.4 Life Insurance Growth Prospects by Category
4.5 Individual Life Insurance
4.5.1 Individual whole life insurance
4.5.2 Other individual life insurance
4.6 Group-life Insurance
4.7 Life Insurance Growth Prospects by Product Type
4.7.1 Total linked insurance business
4.7.2 Total non-linked insurance business
5 Analysis by Distribution Channel
6 Competitive Landscape and Strategic Insights
6.1 Overview
6.2 Leading Companies in the Greece Life Insurance Segment
6.2.1 The Ethniki Hellenic General Insurance Company SA - company overview
6.2.2 Eurolife ERB Life Insurance SA - company overview
6.2.3 NN Hellenic Life Insurance Co. SA - company overview
6.2.4 MetLife Life Insurance Company Ltd - company overview
6.2.5 Interamerican Hellenic Life Insurance Company SA - company overview
7 Governance, Risk and Compliance
7.1 Legislation Overview and Historical Evolution
7.2 Latest Changes in Regulations
7.3 Legislation and Market Practice by Type of Insurance
7.3.1 Life insurance
7.3.2 Property insurance
7.3.3 Motor insurance
7.3.4 Liability insurance
7.3.5 Marine, aviation and transit insurance
7.3.6 Personal accident and health insurance
7.4 Compulsory Insurance
7.4.1 Workmen's compensation insurance
7.4.2 Motor third-party liability insurance
7.4.3 Air carriers and aircraft operators insurance
7.4.4 Professional indemnity insurance for alternative investment fund managers
7.4.5 Liability for ships with respect to oil pollution
7.4.6 Liability insurance against the transport of hazardous and noxious substances by sea
7.4.7 Professional indemnity for insurance intermediaries
7.5 Supervision and Control
7.5.1 International Association of Insurance Supervisors (IAIS)
7.5.2 European Insurance and Occupational Pensions Authority
7.5.3 Federation of European Risk Management Associations (FERMA)
7.5.4 Department of Private Insurance Supervision
7.5.5 Greek Association of Insurance Companies (GAIC)
7.6 Non-Admitted Insurance Regulations
7.6.1 Overview
7.6.2 Intermediaries
7.6.3 Market practices
7.6.4 Fines and penalties
7.7 Company Registration and Operations
7.7.1 Types of insurance organization
7.7.2 Establishing a local company
7.7.3 Foreign ownership
7.7.4 Types of license
7.7.5 Capital requirements
7.7.6 Solvency margins
7.7.7 Reserve requirements
7.7.8 Investment regulations
7.7.9 Statutory return requirements
7.7.10 Fee structure
7.8 Taxation
7.8.1 Insurance premium or policy taxation
7.8.2 Withholding taxes on premium paid overseas
7.8.3 Corporate tax
7.8.4 VAT
7.8.5 Captives
7.9 Legal System
7.9.1 Introduction
7.9.2 Access to court
7.9.3 Alternative dispute resolution (ADR)
8 Definitions and Methodology
8.1 Definitions
8.2 Methodology
9 About Timetric
9.1 Contact Timetric
9.2 About Timetric
9.3 Timetric's Services
9.4 Disclaimer

List of Tables
Table 1: Greek Life Insurance - Key Facts, 2014
Table 2: Greek Government Credit Ratings
Table 3: Greece Life Insurance - GDP Growth Rate (%), 2010-2014
Table 4: Greece Life Insurance - Gross Written Premium by Category (EUR Million), 2010-2014
Table 5: Greece Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
Table 6: Greece Life Insurance - Gross Written Premium by Category (EUR Million), 2014-2019
Table 7: Greece Life Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
Table 8: Greece Life Insurance - Net Earned Premium (EUR Million), 2010-2014
Table 9: Greece Life Insurance - Net Earned Premium (EUR Million), 2014-2019
Table 10: Greece Life Insurance - Paid Claims (EUR Million), 2010-2014
Table 11: Greece Life Insurance - Paid Claims (EUR Million), 2014-2019
Table 12: Greece Life Insurance - Incurred Loss (EUR Million), 2010-2014
Table 13: Greece Life Insurance - Incurred Loss (EUR Million), 2014-2019
Table 14: Greece Life Insurance - Commissions and Expenses (EUR Million), 2010-2014
Table 15: Greece Life Insurance - Commissions and Expenses (EUR Million), 2014-2019
Table 16: Greece Life Insurance - Net Written Premium (Percentage of Gross Written Premium), 2010-2014
Table 17: Greece Life Insurance - Net Written Premium (Percentage of Gross Written Premium), 2014-2019
Table 18: Greece Life Insurance - Total Assets (EUR Billion), 2010-2014
Table 19: Greece Life Insurance - Total Assets (EUR Billion), 2014-2019
Table 20: Greece Life Insurance - Total Investment Income (EUR Million), 2010-2014
Table 21: Greece Life Insurance - Total Investment Income (EUR Million), 2014-2019
Table 22: Greece Life Insurance - Net Written Premium (EUR Million), 2010-2014
Table 23: Greece Life Insurance - Net Written Premium (EUR Million), 2014-2019
Table 24: Greece Individual Life Insurance - Gross Written Premium by Category (EUR Million), 2010-2014
Table 25: Greece Individual Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
Table 26: Greece Individual Life Insurance - Gross Written Premium by Category (EUR Million), 2014-2019
Table 27: Greece Individual Life Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
Table 28: Greece Individual Life Insurance - Direct Written Premium by Category (EUR Million), 2010-2014
Table 29: Greece Individual Life Insurance - Direct Written Premium by Category (US$ Million), 2010-2014
Table 30: Greece Individual Life Insurance - Direct Written Premium by Category (EUR Million), 2014-2019
Table 31: Greece Individual Life Insurance - Direct Written Premium by Category (US$ Million), 2014-2019
Table 32: Greece Individual Whole Life Insurance - Direct Written Premium (EUR Million), 2010-2014
Table 33: Greece Individual Whole Life Insurance - Direct Written Premium (EUR Million), 2014-2019
Table 34: Greece Other Individual Life Insurance - Direct Written Premium (EUR Million), 2010-2014
Table 35: Greece Other Individual Life Insurance - Direct Written Premium (EUR Million), 2014-2019
Table 36: Greece Group-life Insurance - Gross Written Premium (EUR Million), 2010-2014
Table 37: Greece Group-life Insurance - Gross Written Premium (EUR Million), 2014-2019
Table 38: Greece Group-life Insurance - Direct Written Premium (EUR Million), 2010-2014
Table 39: Greece Group-life Insurance - Direct Written Premium (EUR Million), 2014-2019
Table 40: Greece Linked Insurance Business - Gross Written Premium (EUR Million), 2010-2014
Table 41: Greece Linked Insurance Business - Gross Written Premium (EUR Million), 2014-2019
Table 42: Greece Linked Insurance Business - Direct Written Premium (EUR Million), 2010-2014
Table 43: Greece Linked Insurance Business - Direct Written Premium (EUR Million), 2014-2019
Table 44: Greece Non-Linked Insurance Business - Gross Written Premium (EUR Million), 2010-2014
Table 45: Greece Non-Linked Insurance Business - Gross Written Premium (EUR Million), 2014-2019
Table 46: Greece Non-Linked Insurance Business - Direct Written Premium (EUR Million), 2010-2014
Table 47: Greece Non-Linked Insurance Business - Direct Written Premium (EUR Million), 2014-2019
Table 48: Greece Life Insurance - Bancassurance Partnerships
Table 49: Greece Life Insurance - Key Aggregators
Table 50: Greece Life Insurance - Segment Shares (%), 2014
Table 51: The Ethniki Hellenic General Insurance Company SA, Key Facts
Table 52: The Ethniki Hellenic General Insurance Company SA, Key Financials (EUR million), 2011-2014
Table 53: Eurolife ERB Life Insurance SA, Key Facts
Table 54: Eurolife ERB Life Insurance SA, Key Financials (EUR million), 2010-2014
Table 55: NN Hellenic Life Insurance Co. SA, Key Facts
Table 56: NN Hellenic Life Insurance Co. SA, Key Financials (EUR million), 2011-2014
Table 57: MetLife, Key Facts
Table 58: MetLife, Key Financials (EUR million), 2010-2014
Table 59: Interamerican Hellenic Life Insurance Company SA, Key Facts
Table 60: Interamerican Hellenic Life Insurance Company SA, Key Financials (EUR million), 2010-2014
Table 61: Greece - Insurance Regulatory Framework Key Features
Table 62: Greece - Life Insurance Regulatory Framework
Table 63: Greece - Property Insurance Regulatory Framework
Table 64: Greece - Motor Insurance Regulatory Framework
Table 65: Greece - Liability Insurance Regulatory Framework
Table 66: Greece - Minimum Cover for Aircraft Third-Party Liability Per Accident Per Aircraft
Table 67: Greece - Insurance Premium Tax Rates for the Financial Year 2016
Table 68: Greece - Corporate Tax Rates for the Financial Year 2016
Table 69: Insurance Industry Definitions

List of Figures
Figure 1: Greek Real GDP (EUR Billion), 2010-2019
Figure 2: EUR-US$ Exchange Rate, 2010-2019
Figure 3: Greek Consumer Price Inflation, 2010-2019
Figure 4: Greek Current Account Balance as Percentage of GDP (%), 2010-2014
Figure 5: Greek Unemployment Rate, 2010-2019
Figure 6: Greek Population by Age Group, 1991-2025
Figure 7: Greece Insurance - Number of Insurance Companies, 2009-2015
Figure 8: Greece Life Insurance - Gross Written Premium by Category (EUR Million), 2010-2019
Figure 9: Greece Life Insurance - Gross Written Premium by Category (Percentage Share), 2014 and 2019
Figure 10: Greece Life Insurance - Gross Written Premium Dynamics by Segment (2010-2019)
Figure 11: Greece Life Insurance - Net Earned Premium (EUR Million), 2010-2014
Figure 12: Greece Life Insurance - Net Earned Premium (EUR Million), 2014-2019
Figure 13: Greece Life Insurance - Paid Claims (EUR Million), 2010-2014
Figure 14: Greece Life Insurance - Paid Claims (EUR Million), 2014-2019
Figure 15: Greece Life Insurance - Incurred Loss (EUR Million), 2010-2014
Figure 16: Greece Life Insurance - Incurred Loss (EUR Million), 2014-2019
Figure 17: Greece Life Insurance - Commissions and Expenses (EUR Million), 2010-2014
Figure 18: Greece Life Insurance - Commissions and Expenses (EUR Million), 2014-2019
Figure 19: Greece Life Insurance - Net Written Premium (Percentage of Gross Written Premium), 2010-2014
Figure 20: Greece Life Insurance - Net Written Premium (Percentage of Gross Written Premium), 2014-2019
Figure 21: Greece Life Insurance - Total Assets (EUR Billion), 2010-2014
Figure 22: Greece Life Insurance - Total Assets (EUR Billion), 2014-2019
Figure 23: Greece Life Insurance - Total Investment Income (EUR Million), 2010-2014
Figure 24: Greece Life Insurance - Total Investment Income (EUR Million), 2014-2019
Figure 25: Greece Life Insurance - Net Written Premium (EUR Million), 2010-2014
Figure 26: Greece Life Insurance - Net Written Premium (EUR Million), 2014-2019
Figure 27: Greece Life Insurance - Investment Portfolio (EUR Million), 2010-2014
Figure 28: Greece Life Insurance - Investment Portfolio, 2010 and 2014
Figure 29: Greece Life Insurance - Total Investments (EUR Million), 2010-2014
Figure 30: Greece Life Insurance - Penetration (Ratio of Direct Premium to GDP), 2010-2014
Figure 31: Greece Life Insurance - Density (Direct Premium per Capita), 2010-2014
Figure 32: Greece Individual Life Insurance - Gross Written Premium by Category (EUR Million), 2010-2019
Figure 33: Greece Individual Life Insurance - Gross Written Premium by Category (Percentage Share), 2014 and 2019
Figure 34: Greece Individual Life Insurance - Gross Written Premium Dynamics by Category, 2010-2019
Figure 35: Greece Individual Life Insurance - Direct Written Premium by Category (EUR Million), 2010-2019
Figure 36: Greece Individual Life Insurance - Direct Written Premium by Category (Percentage Share), 2014 and 2019
Figure 37: Greece Individual Life Insurance - Direct Written Premium Dynamics by Category, 2010-2019
Figure 38: Greece Individual Whole Life Insurance - Direct Written Premium (EUR Million), 2010-2014
Figure 39: Greece Individual Whole Life Insurance - Direct Written Premium (EUR Million), 2014-2019
Figure 40: Greece Other Individual Life Insurance - Direct Written Premium (EUR Million), 2010-2014
Figure 41: Greece Other Individual Life Insurance - Direct Written Premium (EUR Million), 2014-2019
Figure 42: Greece Group-life Insurance - Gross Written Premium (EUR Million), 2010-2014
Figure 43: Greece Group-life Insurance - Gross Written Premium (EUR Million), 2014-2019
Figure 44: Greece Group-life Insurance - Direct Written Premium (EUR Million), 2010-2014
Figure 45: Greece Group-life Insurance - Direct Written Premium (EUR Million), 2014-2019
Figure 46: Greece Linked Insurance Business - Gross Written Premium (EUR Million), 2010-2014
Figure 47: Greece Linked Insurance Business - Gross Written Premium (EUR Million), 2014-2019
Figure 48: Greece Linked Insurance Business - Direct Written Premium (EUR Million), 2010-2014
Figure 49: Greece Linked Insurance Business - Direct Written Premium (EUR Million), 2014-2019
Figure 50: Greece Non-Linked Insurance Business - Gross Written Premium (EUR Million), 2010-2014
Figure 51: Greece Non-Linked Insurance Business - Gross Written Premium (EUR Million), 2014-2019
Figure 52: Greece Non-Linked Insurance Business - Direct Written Premium (EUR Million), 2010-2014
Figure 53: Greece Non-Linked Insurance Business - Direct Written Premium (EUR Million), 2014-2019
Figure 54: Greece Life Insurance - Segment Shares (%), 2014
Figure 55: Greece - The Three Pillars of Solvency II
Figure 56: Greece - Insurance Supervision and Control at Various Levels
Figure 57: Greece - Insurance Regulatory Frameworks for Company Registration and Operation

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