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Synopsis
Timetric’s 'Non-Life Insurance in Greece, Key Trends and Opportunities to 2019' report provides a detailed outlook by product category for the Greek non-life insurance segment, and a comparison of the Greek insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, 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, explains the various types of natural hazard and their impact on the Greek insurance industry, 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 'Non-Life Insurance in Greece, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Greek non-life insurance segment, including:

- The segment’s detailed outlook by product category

- A comprehensive overview of the Greek economy and demographics

- A comparison of the Greek insurance industry with its regional counterparts

- The various distribution channels in the segment

- Detailed analysis of natural hazards and their impact on the Greek insurance industry

- Details of the competitive landscape in the non-life insurance segment in Greece

- Details of regulatory policy applicable to the Greek insurance industry

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

- It provides historical values for the Greek non-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 profiles the top non-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 non-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 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
- The gross written premium within the motor and property categories declined continuously during 2010–2015.

- The recessionary economic environment and austerity measures made for difficult operating conditions for non-life insurers during the review period.

- The decline in new vehicles sales/registrations is the major reason for the decline of motor insurance premiums during the review period.

- The cargo insurance line suffers from the dull business environment in Greece.

- In 2014, professional indemnity insurance for alternative investment fund managers was made compulsory in all EU countries.

- Solvency II was implemented on January 1, 2016.

Table Of Contents

Non-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 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Claims
4.2.3 Profitability
4.2.4 Assets and investments
5 Outlook by Category
5.1 Property Insurance
5.1.1 Product overview
5.1.2 Premium
5.2 Motor Insurance
5.2.1 Product overview
5.2.2 Premium
5.2.3 Claims
5.2.4 Profitability
5.3 Liability Insurance
5.3.1 Product overview
5.3.2 Premium
5.4 Marine, Aviation and Transit Insurance
5.4.1 Product overview
5.4.2 Premium
6 Distribution Channel Outlook
6.1 Agencies
6.2 Direct Marketing
6.3 E-Commerce
6.4 Bancassurance
7 Natural Hazards
7.1 Floods
7.2 Earthquakes
7.3 Wildfires
7.4 Extreme Temperatures
7.5 Exposure
8 Competitive Landscape
8.1 Overview
8.2 Leading Companies in the Greek Non-Life Insurance Segment
8.2.1 The Ethniki Hellenic General Insurance Company SA - company overview
8.2.2 Ergo General Insurance Company SA - company overview
8.2.3 European Reliance General Insurance Company SA - company overview
8.2.4 Allianz Hellas Insurance Company SA - company overview
8.2.5 Axa Insurance SA - company overview
9 Governance, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulations
9.3 Legislation and Market Practice by Type of Insurance
9.3.1 Life insurance
9.3.2 Property insurance
9.3.3 Motor insurance
9.3.4 Liability insurance
9.3.5 Marine, aviation and transit insurance
9.3.6 Personal accident and health insurance
9.4 Compulsory Insurance
9.4.1 Workmen's compensation insurance
9.4.2 Motor third-party liability insurance
9.4.3 Air carriers and aircraft operators insurance
9.4.4 Professional indemnity insurance for alternative investment fund managers
9.4.5 Liability for ships with respect to oil pollution
9.4.6 Liability insurance against the transport of hazardous and noxious substances by sea
9.4.7 Professional indemnity for insurance intermediaries
9.5 Supervision and Control
9.5.1 International Association of Insurance Supervisors (IAIS)
9.5.2 European Insurance and Occupational Pensions Authority
9.5.3 Federation of European Risk Management Associations (FERMA)
9.5.4 Department of Private Insurance Supervision
9.5.5 Greek Association of Insurance Companies (GAIC)
9.6 Non-Admitted Insurance Regulations
9.6.1 Overview
9.6.2 Intermediaries
9.6.3 Market practices
9.6.4 Fines and penalties
9.7 Company Registration and Operations
9.7.1 Types of insurance organization
9.7.2 Establishing a local company
9.7.3 Foreign ownership
9.7.4 Types of license
9.7.5 Capital requirements
9.7.6 Solvency margins
9.7.7 Reserve requirements
9.7.8 Investment regulations
9.7.9 Statutory return requirements
9.7.10 Fee structure
9.8 Taxation
9.8.1 Insurance premium or policy taxation
9.8.2 Withholding taxes on premium paid overseas
9.8.3 Corporate tax
9.8.4 VAT
9.8.5 Captives
9.9 Legal System
9.9.1 Introduction
9.9.2 Access to court
9.9.3 Alternative dispute resolution (ADR)
10 Databook
10.1 Policies and Premium
10.2 Claims and Expenses
10.3 Assets and Investments
10.4 Property Insurance
10.5 Property Insurance by Product
10.6 Motor Insurance
10.7 Motor Insurance by Product
10.8 Liability Insurance
10.9 Marine, Aviation and Transit Insurance
11 Definitions and Methodology
11.1 Definitions
11.2 Methodology
12 About Timetric
12.1 Contact Timetric
12.2 About Timetric
12.3 Timetric's Services
12.4 Disclaimer

List of Tables
Table 1: Greek Non-Life Insurance - Key Facts, 2014
Table 2: Greek Non-Life Insurance - Segment Shares of the Top Insurers, 2014
Table 3: Greek Government Credit Ratings
Table 4: Greek Non-Life Insurance - Gross Written Premium (EUR Million and US$ Million), 2010-2014
Table 5: Greek Non-Life Insurance - Penetration (%), 2010-2014
Table 6: Greek Non-Life Insurance - Gross Written Premium (EUR Million and US$ Million), 2014-2019
Table 7: Greek Non-Life Insurance - Penetration (%), 2014-2019
Table 8: Greek Non-Life Insurance - Premium per Capita (EUR and US$), 2010-2014
Table 9: Greek Non-Life Insurance - Premium per Capita (EUR and US$), 2014-2019
Table 10: Greek Non-Life Insurance - Paid Claims (EUR Million and US$ Million), 2010-2014
Table 11: Greek Non-Life Insurance - Paid Claims (EUR Million and US$ Million), 2014-2019
Table 12: Greek Non-Life Insurance - Profitability Ratio (%), 2010-2014
Table 13: Greek Non-Life Insurance - Profitability Ratio (%), 2014-2019
Table 14: Greek Non-Life Insurance - Total Assets (EUR Billion and US$ Billion), 2010-2014
Table 15: Greek Non-Life Insurance - Total Assets (EUR Billion and US$ Billion), 2014-2019
Table 16: Greek Non-Life Insurance - Total Investment Income (EUR Million and US$ Million), 2010-2014
Table 17: Greek Non-Life Insurance - Total Investment Income (EUR Million and US$ Million), 2014-2019
Table 18: Greek Non-Life Insurance - Investment Portfolio (EUR Million), 2010-2014
Table 19: Greek Non-Life Insurance - Investment Portfolio (EUR Million), 2014-2019
Table 20: Greek Non-Life Insurance - Gross Written Premium by Category (EUR Million), 2010-2014
Table 21: Greek Non-Life Insurance - Gross Written Premium by Category (EUR Million), 2014-2019
Table 22: Greek Property Insurance - Gross Written Premium by Sub-Category (EUR Million), 2010-2014
Table 23: Greek Property Insurance - Gross Written Premium by Sub-Category (EUR Million), 2014-2019
Table 24: Greek Motor Insurance - Fines On Uninsured Vehicles
Table 25: Greek Motor Insurance - Gross Written Premium by Sub-Category (EUR Million), 2010-2014
Table 26: Greek Motor Insurance - Gross Written Premium by Sub-Category (EUR Million), 2014-2019
Table 27: Greek Motor Insurance - Paid Claims (EUR Million and US$ Million), 2010-2014
Table 28: Greek Motor Insurance - Paid Claims (EUR Million and US$ Million), 2014-2019
Table 29: Greek Motor Insurance - Loss Ratio (%), 2010-2014
Table 30: Greek Motor Insurance - Loss Ratio (%), 2014-2019
Table 31: Greek Liability Insurance - Gross Written Premium (EUR Million), 2010-2014
Table 32: Greek Liability Insurance - Gross Written Premium (EUR Million), 2014-2019
Table 33: Greek Marine, Aviation and Transit Insurance - Gross Written Premium (EUR Million), 2010-2014
Table 34: Greek Marine, Aviation and Transit Insurance - Gross Written Premium (EUR Million), 2014-2019
Table 35: Greek Average Annual Loss by Hazard
Table 36: Shares of Key Insurers in the Greek Non-Life Insurance Segment (%), 2014
Table 37: The Ethniki Hellenic General Insurance Company SA - Key Facts
Table 38: The Ethniki Hellenic General Insurance Company SA - Key Financials (EUR million), 2011-2014
Table 39: Ergo General Insurance Company SA - Key Facts
Table 40: Ergo General Insurance Company SA - Key Financials (EUR Million), 2010-2014
Table 41: European Reliance General Insurance Company SA - Key Facts
Table 42: European Reliance General Insurance Company SA - Key Financials (EUR Million), 2010-2014
Table 43: Allianz Hellas Insurance Company SA - Key Facts
Table 44: Key Financials (EUR Million), 2011-2014
Table 45: Axa Insurance SA - Key Facts
Table 46: Axa Insurance SA - Key Financials (EUR Million), 2010-2014
Table 47: Greece - Insurance Regulatory Framework Key Features
Table 48: Greece - Life Insurance Regulatory Framework
Table 49: Greece - Property Insurance Regulatory Framework
Table 50: Greece - Motor Insurance Regulatory Framework
Table 51: Greece - Liability Insurance Regulatory Framework
Table 52: Greece - Minimum Cover for Aircraft Third-Party Liability Per Accident Per Aircraft
Table 53: Greece - Insurance Premium Tax Rates for the Financial Year 2016
Table 54: Greece - Corporate Tax Rates for the Financial Year 2016
Table 55: Greek Insurance Industry - Policies and Premium, 2010-2014
Table 56: Greek Insurance Industry - Policies and Premium, 2014-2019
Table 57: Greek Non-Life Insurance - Claims and Expenses, 2010-2014
Table 58: Greek Non-Life Insurance - Claims and Expenses, 2014-2019
Table 59: Greek Non-Life Insurance - Assets and Investments, 2010-2014
Table 60: Greek Non-Life Insurance - Assets and Investments, 2014-2019
Table 61: Greek Non-Life Insurance - Property Insurance, 2010-2014
Table 62: Greek Non-Life Insurance - Property Insurance, 2014-2019
Table 63: Greek Non-Life Insurance - Property Insurance by Product, 2010-2014
Table 64: Greek Non-Life Insurance - Property Insurance by Product, 2014-2019
Table 65: Greek Non-Life Insurance - Motor Insurance, 2010-2014
Table 66: Greek Non-Life Insurance - Motor Insurance, 2014-2019
Table 67: Greek Non-Life Insurance - Motor Insurance by Product, 2010-2014
Table 68: Greek Non-Life Insurance - Motor Insurance by Product, 2014-2019
Table 69: Greek Non-Life Insurance - Liability Insurance, 2010-2014
Table 70: Greek Non-Life Insurance - Liability Insurance, 2014-2019
Table 71: Greek Non-Life Insurance - Marine, Aviation and Transit Insurance, 2010-2014
Table 72: Greek Non-Life Insurance - Marine, Aviation and Transit Insurance, 2014-2019
Table 73: 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: Greek Non-Life Insurance Penetration - Regional Comparison (%), 2015
Figure 8: Greek Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2015
Figure 9: Greek Non-Life Insurance - Gross Written Premium (EUR Million), 2010-2019
Figure 10: Greek Non-Life Insurance - Penetration (%), 2010-2019
Figure 11: Greek Non-Life Insurance - Premium per Capita (EUR), 2010-2019
Figure 12: Greek Non-Life Insurance - Paid Claims (EUR Million), 2010-2019
Figure 13: Greek Non-Life Insurance - Profitability Ratio (%), 2010-2019
Figure 14: Greek Non-Life Insurance - Total Assets (EUR Billion), 2010-2019
Figure 15: Greek Non-Life Insurance - Total Investment Income (EUR Million), 2010-2019
Figure 16: Greek Non-Life Insurance - Investment Portfolio (EUR Million), 2010-2019
Figure 17: Greek Non-Life Insurance - Investment Portfolio Dynamics by Category, 2010-2019
Figure 18: Greek Non-Life Insurance - Gross Written Premium by Category (EUR Million), 2010-2019
Figure 19: Greek Non-Life Insurance - Gross Written Premium Dynamics by Category, 2010-2019
Figure 20: Greek Property Insurance - Construction Value Output by Category (EUR Billion), 2010-2014
Figure 21: Greek Property Insurance - Gross Written Premium by Sub-Category (EUR Million), 2010-2019
Figure 22: Greek Property Insurance - Gross Written Premium Dynamics by Sub-Category, 2010-2019
Figure 23: Greek Motor Insurance - Number of Vehicle Registrations, 2010-2015
Figure 24: Greek Motor Insurance - Road Accidents, 2010-2014
Figure 25: Greek Motor Insurance - Gross Written Premium by Sub-Category (EUR Million), 2010-2019
Figure 26: Greek Motor Insurance - Gross Written Premium Dynamics by Sub-Category, 2010-2019
Figure 27: Greek Motor Insurance - Paid Claims (EUR Million), 2010-2019
Figure 28: Greek Motor Insurance - Earned Premium, Incurred Loss and Loss Ratio (EUR Million and %), 2010-2019
Figure 29: Greek Liability Insurance - General Civil Liability Insurance, 2014
Figure 30: Greek Liability Insurance - Hotelier's Liability Insurance, 2009-2013
Figure 31: Greek Liability Insurance - Gross Written Premium (EUR Million), 2010-2019
Figure 32: Greek Marine, Aviation and Transit - Exports and Imports (EUR Billion), 2008-2015
Figure 33: Greek Marine, Aviation and Transit - Total Domestic Air Traffic, 2010-2014
Figure 34: Greek Marine, Aviation and Transit - Total International Air Traffic, 2010-2014
Figure 35: Greek Marine, Aviation and Transit Insurance - Gross Written Premium (EUR Million), 2010-2019
Figure 36: Greece - Exposure to Natural Hazards
Figure 37: Greek Frequency of Hazards by Type, 1990-2014
Figure 38: Greek Mortality by Hazard Type, 1990-2014
Figure 39: Greek Economic Losses Caused by Hazards by Type, 1990-2014
Figure 40: Shares of Key Insurers in the Greek Non-Life Insurance Segment (%), 2014
Figure 41: Greece - The Three Pillars of Solvency II
Figure 42: Greece - Insurance Supervision and Control at Various Levels
Figure 43: Greece - Insurance Regulatory Frameworks for Company Registration and Operation

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