Greece Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028
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Greece Life Insurance Market Report Overview
The gross written premium of Greece life insurance market was EUR2.7 billion ($18.1 billion) in 2023 and is expected to achieve a CAGR of more than 10% during 2024-2028. The Greece life insurance market research report provides in-depth market analysis, including insights into the lines of business in the country’s life 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 Life Insurance Market Outlook, 2023-2028 (EUR Billion)
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The Greece life insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of Greece’s 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) | EUR2.7 billion ($18.1 billion) |
CAGR (2024-2028) | >10% |
Forecast Period | 2024-2028 |
Historical Period | 2019-2023 |
Key Lines of Business | · Endowment
· Life PA&H · Other Life Insurance |
Key Distribution Channels | · Direct Marketing
· E-Commerce · Bancassurance · Agencies |
Leading Companies | · NN Hellenic
· EuroLife · Ethniki Hellenic · Generali Hellas · AlphaLife · Allianz Hellas SA (Greece) · European Reliance General · Groupama Phoenix · Interamerican Hellenic · ERGO |
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Greece Life Insurance Market Trends
Inclusive insurance and ESG are the recurring trends in the Greeceian life insurance market.
With the advance of artificial intelligence and data analytics, insurers are offering policies catering to individual needs. These custom-made policies can be bought and managed online. The My Health IQ app from Generali Hellas gathers health-related data from wearable technology to offer insureds individualized health advice. Lower rates are given to those who adopt healthier lifestyle choices.
Greece Life Insurance Market Segmentation by Lines of Business
Endowment was the leading life insurance line of business in 2023
The key lines of business in the Greece life insurance industry are endowment, life PA&H, and other life insurance.
Online sales have become a significant driver for non-participating endowment plans. Insurers are also offering short-term endowment plans with maturity durations from two to six years, which has made these products an attractive option for guaranteed returns.
Greece Life Insurance Market Analysis by Lines of Business, 2023 (%)
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Greece Life Insurance Market Segmentation by Distribution Channels
Agencies were the most preferred channel to purchase life insurance in 2023
A few of the key distribution channels in the Greek life insurance industry are direct marketing, e-commerce, bancassurance, and agencies. Greek consumers are becoming more adept at negotiating complicated insurance products and need professional advice which agencies excel at offering.
Greece Life Insurance Market Analysis by Distribution Channels, 2023 (%)
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Greece Life Insurance Market - Competitive Landscape
NN Hellenic was the largest life insurer in 2022
A few of the leading life insurance companies in Greece are:
- NN Hellenic
- EuroLife
- Ethniki Hellenic
- Generali Hellas
- AlphaLife
- Allianz Hellas SA (Greece)
- European Reliance General
- Groupama Phoenix
- Interamerican Hellenic
- ERGO
Greece Life Insurance Market Analysis by Companies, 2022 (%)
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Greece Life Insurance Market - Latest Deals
A few of the latest deals in the Greece Life insurance market are:
- In November 2023, Howden Group acquired Triton Marine; a Greek marine insurance broker. This acquisition strengthened Howden’s presence in the Greek maritime insurance market.
- In October 2023, UniCredit acquired a significant stake in Alpha Services and Holdings; the parent company of Greece’s Alpha Bank.
Segments Covered in the Report
Greece Life Insurance Lines of Business Outlook (Value, EUR Billion, 2019-2028)
- Endowment
- Life PA&H
- Other Life Insurance
Greece Life Insurance Distribution Channel Outlook (Value, EUR Billion, 2019-2028)
- Direct Marketing
- Insurance Brokers
- E-Commerce
- Agencies
Scope
This report provides a comprehensive analysis of the life insurance segment in Greece:
- It provides historical values for Greece life’s insurance segment for the report’s 2019–23 review period, and projected figures for the 2024–28 forecast period.
- It profiles the top life insurance companies in Greece and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of Greece’s life 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 life insurance segment’s market structure gives details of lines of business.
- Greece’s life reinsurance business’ market structure gives details of premium ceded along with cession rates.
- Distribution channels deployed by Greece’s life 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 life insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in Greece’s life insurance segment.
- Assess the competitive dynamics in the life insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
EuroLife ERB Life Insurance Societe Anonyme
The Ethniki Hellenic General Insurance
Generali Hellas Insurance
AlphaLife
Allianz Hellas
European Reliance General Insurance
Groupama Phoenix Hellenic Insurance
Table of Contents
Frequently asked questions
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What was the Greece life insurance market gross written premium in 2023?
The gross written premium of the Greek life insurance market was EUR2.7 billion ($18.1 billion) in 2023.
-
What is the expected growth rate of the Greece life insurance market for the forecast period?
The life insurance market in Greece is expected to achieve a CAGR of more than 10% during 2024-2028.
-
Which line of business held the largest share of the Greece life insurance market in 2023?
Endowment was the leading life insurance line of business in 2023.
-
Which distribution channel held the highest share in the Greeceian life insurance market in 2023?
Agencies were the leading channel in the Greeceian life insurance market in 2023.
-
Which are the key companies operating in the Greece life insurance market?
A few of the leading life insurance companies in Greece are NN Hellenic, EuroLife, Ethniki Hellenic, Generali Hellas, AlphaLife, and Allianz Hellas SA (Greece).
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