Greece General Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028
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Greece General Insurance Market Report Overview
The gross written premium of the Greece general insurance market was EUR2.4 billion ($2.5 billion) in 2023 and is expected to achieve a CAGR of more than 7% during 2024-2028. The Greece general insurance market research report provides in-depth market analysis, including insights into the lines of business in the country’s general insurance industry. Furthermore, the report provides a detailed outlook by product category as well as values for key performance indicators, including gross written premium, penetration, and premium ceded and cession rates for the review and forecast periods.
Greece General Insurance Market Outlook, 2023-2028 (EUR Billion)
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The Greece general insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of the Greek economy and demographics. It further evaluates the competitive landscape in the country, which entails segment dynamics, competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.
Market Size (2023) | EUR2.4 billion ($2.5 billion) |
CAGR (2024-2028) | >7% |
Forecast Period | 2024-2028 |
Historical Period | 2019-2023 |
Key Lines of Business | · Motor
· Non-Life PA&H · Property · Liability · MAT · Financial Lines · Miscellaneous |
Key Distribution Channels | · Direct from Insurers
· Online Aggregators · Insurance Brokers · Bank · Financial Advisors |
Leading Companies | · Generali Hellas Insurance
· The Ethniki Hellenic · ERGO Insurance · Interamerican Property and Casualty · European Reliance General |
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Greece General Insurance Market Trends
Growing focus on ESG initiatives, digitalization, personalization, and insurtech are a few of the recurring trends in the Greece general insurance market.
Several insurers are employing digital techniques to transform their business processes and achieve zero emissions missions. Using artificial intelligence (AI), insurers are providing remote, virtual, and live interaction with customers for all processes in the insurance business, including pre-sale consultation. For instance, Ethniki General offers customers an online portal where they can use the online advisor search portal to meet the experts of the company to get proper guidance on the purchase process.
Greece General Insurance Market Segmentation by Lines of Business
Motor insurance accounted for the highest share among the general insurance line of business in 2023
The key lines of business in the Greece general insurance industry are property, motor, liability, financial lines, MAT, general insurance PA&H, and miscellaneous. In 2023, motor insurance was the leading line of business in the Greek general insurance market. The growth can be attributed mainly to an increase in vehicle sales in 2023 and the lifting of COVID-19-induced travel restrictions, which led to improved mobility. Moreover, in line with global trends, EV (both pure and hybrid) sales are growing in Greece.
Greece General Insurance Market Analysis by Lines of Business, 2023 (%)
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Direct from insurers was the most preferred channel for purchasing motor insurance in 2023
A few of the key distribution channels in the Greek general insurance industry are direct from insurers, insurance brokers, banks, online aggregators, and financial advisors, among others. In 2023, direct from insurers was the most popular channel for motor insurance products across all age groups.
Greece General Insurance Market Analysis by Distribution Channels, 2023 (%)
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Greece General Insurance Market - Competitive Landscape
Generali Hellas Insurance was the largest general insurer in 2022
A few of the leading general insurance companies in Greece are:
- Generali Hellas Insurance
- The Ethniki Hellenic
- ERGO Insurance
- Interamerican Property and Casualty
- European Reliance General
Greece General Insurance Market Analysis by Companies, 2022 (%)
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Greece General Insurance Market - Latest Developments
- In September 2023, the Greek Government introduced a new policy offering a discount on the Uniform Real Estate Property Tax (ENFIA) payments for property owners who provide proof of property insurance coverage. The discount is designed to encourage property owners to mitigate risks associated with property damage and to increase insurance penetration in the country.
- In December 2023, the Export Credit Banks of Turkey and Greece signed a deal to jointly provide financing, insurance, guarantee, and reinsurance for transactions carried out by companies from Turkey and Greece in other countries.
Segments Covered in the Report
Greece General Insurance Lines of Business Outlook (Value, EUR Billion, 2019-2028)
- Property
- Motor
- Liability
- Financial Lines
- MAT
- General Insurance PA&H
- Miscellaneous
Greece General Insurance Distribution Channels Outlook (Value, EUR Billion, 2019-2028)
- Direct from Insurers
- Banks
- Insurance Brokers
- Financial Advisors
- Online Aggregators
Scope
This report provides:
- A comprehensive analysis of the general insurance segment in Greece.
- Historical values for the Greece general insurance segment for the report’s review period and projected figures for the forecast period.
- Profiles of the top general insurance companies in Greece and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of Greece’s general insurance segment.
- A comprehensive overview of Greece’s economy, government initiatives, and investment opportunities.
- Greece’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- Greece’s general insurance industry’s market structure gives details of lines of business.
- Greece’s general reinsurance business market structure gives details of premium ceded along with cession rates.
- Distribution channels deployed by Greece’s general insurers.
- Details of the competitive landscape and competitors’ profiles.
Reasons to Buy
- Make strategic business decisions using in-depth historical and forecast market data related to Greece’s general insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in Greece’s general insurance segment.
- Assess the competitive dynamics in the general insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
European Reliance General Insurance
ERGO Insurance
Groupama Phoenix Hellenic Insurance
The Ethniki Hellenic
InterSAlonika General Insurance
Interamerican Property And Casualty Insurance
Interamerican Hellenic Life Insurance
Table of Contents
Frequently asked questions
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What was the Greece general insurance market gross written premium in 2023?
The gross written premium of the Greece general insurance market was EUR2.4 billion ($2.5 billion) in 2023.
-
What will the Greece general insurance market growth rate be during the forecast period?
The general insurance market in Greece is expected to achieve a CAGR of more than 7% during 2024-2028.
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Which line of business held the highest share of the Greece general insurance market in 2023?
Motor insurance held the highest share of the Greece general insurance market in 2023.
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Which distribution channel held the highest share in the Greece motor insurance market in 2023?
Direct from insurers was the leading channel for purchasing motor insurance in 2023.
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Which are the key companies operating in the Greece general insurance market?
A few of the leading general insurance companies in Greece are Generali Hellas Insurance, The Ethniki Hellenic, ERGO Insurance, Interamerican Property, and Casualty, and European Reliance General.
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