Non-Life Insurance in Greece, Key Trends and Opportunities to 2017

Date: 2015-09

Non-life insurance was the largest segment in the Greek insurance industry in 2012, accounting for 51.8% of the industryโ€™s total premiums. The Greek economy was adversely affected by the financial crisis and the subsequent eurozone debt crisis. The consequent reduction in business revenues, rising levels of unemployment and a decline in disposable income levels had a rub-off effect on the countryโ€™s non-life segment. The Greek insurance industry decreased at a compound annual growth rate (CAGR) of -2.4% during the review period (2008โ€“2012). However, the non-life segment posted a review-period CAGR of 1%. Over the forecast period (2012โ€“2017), the segment is expected to register a CAGR of 3.3% in gross written premium terms, primarily driven by gradual economic recovery. Agencies are the main distribution channel in the non-life segment and accounted for 52.1% of the gross written premium generated from new business in 2012, followed by brokers with 31%.


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