Property and Casualty Insurance Market in Greece Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Property and Casualty Insurance Market is segmented by Insurance Type (Home, Motor, and Other Insurance Types) and Distribution Channel (Direct, Agency, Bank, and Other Distribution Channels).

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Greece Property & Casualty Insurance Market Size

Property and Casualty Insurance Market
Study Period 2019 - 2028
Base Year For Estimation 2021
Forecast Data Period 2024 - 2028
Historical Data Period 2019 - 2020
CAGR < 3.00 %
Market Concentration Low

Major Players

Property and Casualty Insurance Market

*Disclaimer: Major Players sorted in no particular order
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Greece Property & Casualty Insurance Market Analysis

The property and casualty insurance market in Greece is estimated to register a CAGR of approximately 3% during the forecast period.

  • Property insurance is a very important branch of the Greek insurance market. In 2018 premium production per distribution channel was as follows: independent insurance intermediaries (brokers, agents) accounted for 47.7%, bancassurance accounted for 37.3%, direct sales stood at 7.5%, and tied agency at 7.4%. Motor insurance is one of the most important insurance branches in Greece. Motor insurance premium represents 49% of the non-life insurance business and 26.3% of the total premium (life and non-life insurance), as of 2018.
  • Total premium of motor insurance, motor third-party liability (MTPL) for 2018 was EUR 1.07 billion, an increase of 0.4% compared to 2017. Over the same period, the total non-life business recorded production of EUR 2.2 billion, an increase of 3.9% over the previous year. In Q3 2019, the non-life insurance gross written premium accounted for 51.8% of the total EUR 1.55 billion, or 1.4% more year-on-year.
  • International Finance Corporation’s investments in insurtech include equity participation in Hellas Direct, a technology-driven direct insurer writing motor and property insurance in Greece and Cyprus. The company’s innovations include offering short-term policies and 48-hour claims settlements. In 2018, IFC provided a EUR 3.5 million investment in Hellas Direct, part of a USD 7 million equity offering by the company to help expand its offerings within the Greek insurance market. The investment will help diversify Greece’s financial sector and make car insurance accessible and affordable to more Greek people and improve customer service.

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Greece Property & Casualty Insurance Market Trends

This section covers the major market trends shaping the Greece Property & Casualty Insurance Market according to our research experts:

Increase in Motor Vehicle Usage

In recent years, motor vehicle usage has been increasing year-on-year in the country, and 49% of the non-life insurance business comes from MTPL (motor third-party liability). The government has made motor third-party liability insurance and aviation liability insurance compulsory. Since motor vehicle usage is increasing, as a result, subscription of MTPL or any motor insurance is expected to rise. After six years of recession (2008-2014), Greece returned to growth rates (+0.4%) in 2014. However, this trend was interrupted in 2015 and the economy ended the year with a recession of -0.2%. Later it slightly recovered, and in 2017, the GDP was at 1.4% and non-life insurance saw growth as it is linked with the economy. In Greece, motor insurance holds the highest share in non-life, so it is expected to increase during the forecast period. Since 2016 (MTPL) motor third-party liability claims cost slightly reduced from EUR 1,695 to EUR 1,400 in 2018, and this is expected to recover in the coming years.

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Insurance Penetration is Low and is an Opportunity to Expand Business

The Greek economy has been in recession since 2010 and has the lowest level of insurance penetration in the European Union. Nevertheless, there are pockets of growth and optimism. The financial crisis in Greece was a big opportunity for businesses to disrupt the existing insurance business model. In Greece, insurance penetration is low, and it turns out to be an opportunity for insurers to expand their businesses and increase their market shares.

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Greece Property & Casualty Insurance Industry Overview

The report covers the major players operating in the property and casualty insurance market in Greece. The market is fragmented, due to low penetration in the insurance market and many other factors.

Greece Property & Casualty Insurance Market Leaders

  1. Ethniki, Hellenic General Insurance Co. SA

  2. ERGO Insurance Company SA

  3. AXA Insurance SA

  4. European Reliance General Insurance Co. SA

  5. Generali Hellas Insurance Company SA

*Disclaimer: Major Players sorted in no particular order

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Greece Property & Casualty Insurance Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Insurance Type

      1. 5.1.1 Home

      2. 5.1.2 Motor

      3. 5.1.3 Other Insurance Types

    2. 5.2 By Distribution Channel

      1. 5.2.1 Direct

      2. 5.2.2 Agency

      3. 5.2.3 Brokers

      4. 5.2.4 Other Distribution Channels

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Mergers and Acquisitions

    3. 6.3 Company Profiles

      1. 6.3.1 Ethniki, Hellenic General Insurance Co. SA

      2. 6.3.2 ERGO Insurance Company SA

      3. 6.3.3 AXA Insurance SA

      4. 6.3.4 European Reliance General Insurance Co. SA

      5. 6.3.5 Generali Hellas Insurance Company SA

      6. 6.3.6 Allianz Hellas Insurance Company SA

      7. 6.3.7 Groupama Phoenix Hellenic Insurance SA

      8. 6.3.8 INTERSALONIKA GENIKON ASFALISEON ANONIMI ETAIRIA

      9. 6.3.9 Interlife General Insurance Company SA

    4. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Greece Property & Casualty Insurance Industry Segmentation

This report aims to provide a detailed analysis of the property and casualty insurance market in Greece. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights into various product and application types. Also, it analyses the key players and the competitive landscape in the property and casualty insurance market in Greece.

By Insurance Type
Home
Motor
Other Insurance Types
By Distribution Channel
Direct
Agency
Brokers
Other Distribution Channels
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Greece Property & Casualty Insurance Market Research FAQs

The Property and Casualty Insurance Market is projected to register a CAGR of less than 3% during the forecast period (2023-2028).

Ethniki, Hellenic General Insurance Co. SA, ERGO Insurance Company SA, AXA Insurance SA, European Reliance General Insurance Co. SA and Generali Hellas Insurance Company SA are the major companies operating in the Property and Casualty Insurance Market.

Property and Casualty Insurance Industry Report

Statistics for the 2023 Property and Casualty Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Property and Casualty Insurance analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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