Life Insurance in Greece, Key Trends and Opportunities to 2020

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Published: June 16, 2017 Report Code: GD-IS1502MR-ST

Report Overview
Key Players
Table of Contents
Table
Figures

GlobalData’s 'Life Insurance in Greece Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Greek life insurance segment, and a comparison of the Greek insurance industry with its regional counterparts.

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 period (2011–2015) and forecast period (2015–2020).

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 GlobalData’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.

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 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

• It offers a detailed analysis of the key categories in the Greek life insurance segment, and market forecasts to 2020.

• It provides a comparison of the Greek life insurance segment with its regional counterparts

• 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.

Key Highlights

• In April 2017, the National Bank of Greece put the stakes of its subsidiary, National Insurance Company of Greece, on sale.

• Lack of consumer confidence in banks is expected to decrease demand for bancassurance over the forecast period.

• In March 2016, the ongoing eurozone crisis forced the European Central Bank (ECB) to cut the interest rate from 0.05% to 0%, in order to improve the economy.

• Debt crises and increases in capital and solvency reserves by the regulator reduced the number of insurers operating in Greece.

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 Greek life insurance 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.

NN Hellanic Life
Ethniki
Eurolife Erb Life
Metlife Alico Life
Interamerican Life
Allianz Hellas
Groupama Phoenix
Axa
European Reliance
Alphalife

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 Policies sold

4.2.3 Claims

4.2.4 Assets and investments

5 OUTLOOK BY SUB-SEGMENT

5.1 Individual Life Insurance

5.1.1 Penetration

5.2 Group Life Insurance

5.2.1 Penetration

6 DISTRIBUTION CHANNEL OUTLOOK

7 COMPETITIVE LANDSCAPE

7.1 Company Profiles

7.1.1 NN Hellenic Life Insurance Co. SA – company overview

7.1.2 The Ethniki Hellenic General Insurance Company SA – company overview

7.1.3 Eurolife ERB Life – company overview

7.1.4 Metlife Alico Life – company overview

7.1.5 Interamerican Life – company overview

8 GOVERNANCE, RISK AND COMPLIANCE

8.1 Legislation Overview and Historical Evolution

8.2 Latest Changes in Regulation

8.3 Legislation and Market Practice by Type of Insurance

8.3.1 Life insurance

8.3.2 Property insurance

8.3.3 Motor insurance

8.3.4 Liability insurance

8.3.5 Marine, aviation and transit insurance

8.3.6 Personal accident and health insurance

8.4 Compulsory Insurance

8.4.1 Workmen’s compensation insurance

8.4.2 Motor third-party liability insurance

8.4.3 Air carriers and aircraft operators insurance

8.4.4 Professional indemnity insurance for alternative investment fund managers

8.4.5 Liability for ships with respect to oil pollution

8.4.6 Liability insurance against the transport of hazardous and noxious substances by sea

8.4.7 Professional indemnity for insurance intermediaries

8.5 Supervision and Control

8.5.1 International Association of Insurance Supervisors

8.5.2 European Insurance and Occupational Pensions Authority

8.5.3 Federation of European Risk Management Associations

8.5.4 Department of Private Insurance Supervision

8.5.5 Greek Association of Insurance Companies

8.6 Non-Admitted Insurance Regulations

8.6.1 Overview

8.6.2 Intermediaries

8.6.3 Market practices

8.6.4 Fines and Penalties

8.7 Company Registration and Operations

8.7.1 Type of insurance organization

8.7.2 Establishing a local company

8.7.3 Foreign ownership

8.7.4 Types of license

8.7.5 Capital requirements

8.7.6 Solvency margin

8.7.7 Reserve requirements

8.7.8 Investment regulations

8.7.9 Statutory return requirements

8.7.10 Fee structure 99

8.8 Taxation

8.8.1 Insurance premium or policy taxation

8.8.2 Withholding taxes on premium paid overseas

8.8.3 Corporate tax

8.8.4 VAT

8.8.5 Captives

8.9 Legal System

8.9.1 Introduction

8.9.2 Access to court

8.9.3 Alternative dispute resolution

9 DATABOOK

9.1 Policies and Premium

9.2 Claims and Expenses

9.3 Assets and Investments

9.4 Direct Marketing

9.5 Bancassurance and Other Distribution Channels

9.6 Individual Life Insurance

9.7 Group Life Insurance

9.8 Group Life Insurance by Product

9.9 Individual Life – Single vs Non-Single Premium

9.1 Group Life – Single vs Non-Single Premium

9.11 Linked vs Non-Linked Policies

10 DEFINITIONS AND METHODOLOGY

10.1 Definitions

10.2 Methodology

11 ABOUT TIMETRIC

11.1 Contact GlobalData

11.2 About GlobalData

11.3 GlobalData’s Services

11.4 Disclaimer

Table

Table 1: Greek Life Insurance – Key Facts, 2015

Table 2: Greek Life Insurance – Segment Shares of the Top Insurers, 2015

Table 3: Greek Government Credit Ratings

Table 4: Greece Life Insurance – GDP Growth Rate (%), 2011–2015

Table 5: Greek Life Insurance – Gross Written Premium (EUR Billion and US$ Billion), 2011–2015

Table 6: Greek Life Insurance – Penetration (%), 2011–2015

Table 7: Greek Life Insurance – Gross Written Premium (EUR Billion and US$ Billion), 2015–2020

Table 8: Greek Life Insurance – Penetration (%), 2015–2020

Table 9: Greek Life Insurance – New Business Direct Written Premium (EUR Million and US$ Million), 2011–2015

Table 10: Greek Life Insurance – New Business Direct Written Premium (EUR Million and US$ Million), 2015–2020

Table 11: Greek Life Insurance – Premium per Capita (EUR and US$), 2011–2015

Table 12: Greek Life Insurance – Premium per Capita (EUR and US$), 2015–2020

Table 13: Greek Life Insurance – Number of Policies Sold (Million), 2011–2015

Table 14: Greek Life Insurance – Number of Policies Sold (Million), 2015–2020

Table 15: Greek Life Insurance – Paid Claims (EUR Billion and US$ Billion), 2011–2015

Table 16: Greek Life Insurance – Paid Claims (EUR Billion and US$ Billion), 2015–2020

Table 17: Greek Life Insurance – Total Assets (EUR Billion and US$ Billion), 2011–2015

Table 18: Greek Life Insurance – Total Assets (EUR Billion and US$ Billion), 2015–2020

Table 19: Greek Life Insurance – Investment Portfolio (EUR Billion), 2011–2015

Table 20: Greek Life Insurance – Investment Portfolio (EUR Billion), 2015–2020

Table 21: Greek Life Insurance – Direct Written Premium by Sub-Segment (EUR Billion), 2011–2015

Table 22: Greek Life Insurance – Direct Written Premium by Sub-Segment (EUR Billion), 2015–2020

Table 23: Greece Life Insurance – Bancassurance Partnerships

Table 24: Greece Life Insurance – Key Aggregators

Table 25: Greek Life Segment – Market Shares of Leading Insurers (%), 2015

Table 26: NN Hellenic Life Insurance Co. SA – Key Facts

Table 27: NN Hellenic Life Insurance Co. SA – Key Financials (EUR Million), 2011–2015

Table 28: The Ethniki Hellenic General Insurance Company SA – Key Facts

Table 29: Eurolife Erb Life – Key Facts

Table 30: Eurolife Erb Life – Key Financials (EUR Million), 2011–2015

Table 31: Metlife Alico Life – Key Facts

Table 32: Metlife Alico Life – Key Financials (EUR Million), 2011–2015

Table 33: Interamerican Life – Key Facts

Table 34: Interamerican Life – Key Financials (EUR Million), 2011–2015

Table 35: Greece– Insurance Regulatory Framework Key Features

Table 36: Greece– Life Insurance Regulatory Framework

Table 37: Greece– Property Insurance Regulatory Framework

Table 38: Greece– Motor Insurance Regulatory Framework

Table 39: Greece – Liability Insurance Regulatory Framework

Table 40: Greece – Minimum Coverage for Aircraft Third-Party Liability Per Accident and Aircraft

Table 41: Greece – Corporate Tax Rates for the Financial Year 2017

Table 42: Greek Life Insurance – Policies and Premium, 2011–2015

Table 43: Greek Life Insurance – Policies and Premium, 2015–2020

Table 44: Greek Life Insurance – Claims and Expenses, 2011–2015

Table 45: Greek Life Insurance – Claims and Expenses, 2015–2020

Table 46: Greek Life Insurance – Assets and Investments, 2011–2015

Table 47: Greek Life Insurance – Assets and Investments, 2015–2020

Table 48: Greek Life Insurance – Direct Marketing and E-Commerce, 2011–2015

Table 49: Greek Life Insurance – Direct Marketing and E-Commerce, 2015–2020

Table 50: Greek Life Insurance – Insurance Brokers and Agencies, 2011–2015

Table 51: Greek Life Insurance – Insurance Brokers and Agencies, 2015–2020

Table 52: Greek Life Insurance – Individual Life Insurance, 2011–2015

Table 53: Greek Life Insurance – Individual Life Insurance, 2015–2020

Table 54: Greek Life Insurance – Group Life Insurance, 2011–2015

Table 55: Greek Life Insurance – Group Life Insurance, 2015–2020

Table 56: Greek Life Insurance – Group Life Insurance by Product, 2011–2015

Table 57: Greek Life Insurance – Group Life Insurance by Product, 2015–2020

Table 58: Greek Life Insurance – Individual Life Insurance by Premium, 2011–2015

Table 59: Greek Life Insurance – Individual Life Insurance by Premium, 2015–2020

Table 60: Greek Life Insurance – Group Life Insurance by Premium, 2011–2015

Table 61: Greek Life Insurance – Group Life Insurance by Premium, 2015–2020

Table 62: Greek Life Insurance – Linked vs Non-Linked Policies, 2011–2015

Table 63: Greek Life Insurance – Linked vs Non-Linked Policies, 2015–2020

Table 64: Insurance Industry Definitions

Figures

Figure 1: Greek Real GDP (EUR Billion), 2011–2020

Figure 2: Exchange Rate (EUR–US$), 2011–2020

Figure 3: Greek Consumer Price Inflation (%), 2011–2020

Figure 4: Greek Current Account Balance as Percentage of GDP (%), 2011–2015

Figure 5: Greek Unemployment Rate, 2011–2020

Figure 6: Greek Population by Age Group, 1991–2025

Figure 7: Greek Life Insurance Penetration – Regional Comparison (%), 2015

Figure 8: Greek Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015

Figure 9: Greek Life Insurance – Gross Written Premium (EUR Billion), 2011–2020

Figure 10: Greek Life Insurance – Penetration (%), 2011–2020

Figure 11: Greek Life Insurance – New Business Direct Written Premium (EUR Million), 2011–2020

Figure 12: Greek Life Insurance – Premium per Capita (EUR), 2011–2020

Figure 13: Greek Life Insurance – Number of Policies Sold (Million), 2011–2020

Figure 14: Greek Life Insurance – Paid Claims (EUR Billion), 2011–2020

Figure 15: Greek Life Insurance – Total Assets (EUR Billion), 2011–2020

Figure 16: Greek Life Insurance – Investment Portfolio (EUR Billion), 2011–2020

Figure 17: Greek Life Insurance – Investment Portfolio Dynamics by Category, 2011–2020

Figure 18: Greek Life Insurance – Direct Written Premium by Sub-Segment (EUR Billion), 2011–2020

Figure 19: Greek Life Insurance – Direct Written Premium Share by Sub-Segment, 2011–2020

Figure 20: Greek Life Insurance – Direct Written Premium Dynamics by Sub-Segment, 2011–2020

Figure 21: Greek Individual Life Insurance – Penetration (%), 2011–2015

Figure 22: Greek Individual Life Insurance – Penetration (%), 2015–2020

Figure 23: Greek Group Life Insurance – Penetration (%), 2011–2015

Figure 24: Greek Group Life Insurance – Penetration (%), 2015–2020

Figure 25: Greek Life Segment – Market Shares of Leading Insurers (%), 2015

Figure 26: Greece– The Three Pillars of Solvency II

Figure 27: Greece– Insurance Supervision and Control at Various Levels

Figure 28: Greece – Insurance Regulatory Frameworks for Company Registration and Operation

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