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Non-Life Insurance in Greece, Key Trends and Opportunities to 2020
Publication Date Jun 2017
Product Type Report
Pages 154
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Timetric’s 'Non-Life Insurance in Greece, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Greek non-life insurance segment, including:

• The Greek non-life segment outlook by product category

• A comprehensive overview of the Greek economy and demographics

• A comparison of the Greek non-life insurance segment with its regional counterparts

• The various distribution channels in the Greek non-life insurance segment

• Detailed analysis of natural hazards and their impact on the Greek insurance industry

• Details of the competitive landscape in the non-life insurance segment in Greece

• Details of regulatory policy applicable to the Greek insurance industry

Scope
This report provides a comprehensive analysis of the non-life insurance segment in Greece:

• It provides historical values for the Greek non-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 non-life insurance segment, and market forecasts to 2020.

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

• It analyzes the various distribution channels for non-life insurance products in Greece.

• It analyzes various natural hazards and their impact on the Greek insurance industry

• It profiles the top non-life insurance companies in Greece, and outlines the key regulations affecting them.

Reasons to Buy
• Make strategic business decisions using in-depth historic and forecast market data related to the Greek non-life insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Greek non-life insurance segment.

• Assess the competitive dynamics in the non-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.

Key Highlights
• In April 2017, the National Insurance Company of Greece (Ethniki Hellenic Insurance Company) was put up for sale by its parent organization, the National Bank of Greece.

• On February 22, 2017, a new circular was imposed, under which insurance classes like aviation (hull and machinery), marine (hull and machinery) including yachts, were exempted from insurance premium tax.

• In January 2017, the Bank of Greece proposed a new compensation mechanism for victims of traffic accidents by drivers insured with license-revoked companies.

• On July 16, 2015, the standard insurance premium tax rate on all non-life insurance products (except fire) was increased from 10% to 15%.

• Rains and tornados during October 20–23, 2015 led to compensation payments of EUR10.8 million (US$12 million).


Companies Mentioned

The Ethniki Hellenic General Insurance Company SA Ergo General Insurance Company SA European Reliance Allianz Hellas Axa Intersalonica Sa Agrotiki Assurance Societe Anonyme Groupama Phoenix Ydroghios Eurolife Erb General

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 Profitability
4.2.5 Assets and investments
5 OUTLOOK BY CATEGORY
5.1 Property Insurance
5.1.1 Product overview
5.1.2 Premium
5.1.3 Policies sold
5.1.4 Claims
5.2 Motor Insurance
5.2.1 Product overview
5.2.2 Premium
5.2.3 Policies sold
5.2.4 Claims
5.2.5 Profitability
5.3 Liability Insurance
5.3.1 Product overview
5.3.2 Premium
5.3.3 Policies sold
5.3.4 Claims
5.4 Marine, Aviation and Transit Insurance
5.4.1 Product overview
5.4.2 Premium
5.4.3 Policies sold
5.4.4 Claims
6 DISTRIBUTION CHANNEL OUTLOOK
6.1 Brokers
6.2 Agencies
6.3 Direct marketing
6.4 Bancassurance
6.5 E-commerce
7 NATURAL AND MAN-MADE HAZARDS
7.1 Flooding
7.2 Earthquakes
7.3 Wildfires
7.4 Extreme Temperatures
7.5 Strikes and Riots
7.6 Storms
7.7 Exposure
8 COMPETITIVE LANDSCAPE
8.1 Company Profiles
8.1.1 The Ethniki Hellenic General Insurance Company SA – company overview
8.1.2 Ergo General Insurance Company SA – company overview
8.1.3 European Reliance – company overview
8.1.4 Allianz Hellas – company overview
8.1.5 Axa – company overview
9 GOVERNANCE, RISK AND COMPLIANCE
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulation
9.3 Legislation and Market Practice by Type of Insurance
9.3.1 Life insurance
9.3.2 Property insurance
9.3.3 Motor insurance
9.3.4 Liability insurance
9.3.5 Marine, aviation and transit insurance
9.3.6 Personal accident and health insurance
9.4 Compulsory Insurance
9.4.1 Workmen’s compensation insurance
9.4.2 Motor third-party liability insurance
9.4.3 Air carriers and aircraft operators insurance
9.4.4 Professional indemnity insurance for alternative investment fund managers
9.4.5 Liability for ships with respect to oil pollution
9.4.6 Liability insurance against the transport of hazardous and noxious substances by sea
9.4.7 Professional indemnity for insurance intermediaries
9.5 Supervision and Control
9.5.1 International Association of Insurance Supervisors
9.5.2 European Insurance and Occupational Pensions Authority
9.5.3 Federation of European Risk Management Associations
9.5.4 Department of Private Insurance Supervision
9.5.5 Greek Association of Insurance Companies
9.6 Non-Admitted Insurance Regulations
9.6.1 Overview
9.6.2 Intermediaries
9.6.3 Market practices
9.6.4 Fines and Penalties
9.7 Company Registration and Operations
9.7.1 Type of insurance organization
9.7.2 Establishing a local company
9.7.3 Foreign ownership
9.7.4 Types of license
9.7.5 Capital requirements
9.7.6 Solvency margin
9.7.7 Reserve requirements
9.7.8 Investment regulations
9.7.9 Statutory return requirements
9.7.10 Fee structure 131
9.8 Taxation
9.8.1 Insurance premium or policy taxation
9.8.2 Withholding taxes on premium paid overseas
9.8.3 Corporate tax
9.8.4 VAT
9.8.5 Captives
9.9 Legal System
9.9.1 Introduction
9.9.2 Access to court
9.9.3 Alternative dispute resolution
10 DATABOOK
10.1 Policies and Premium
10.2 Claims and Expenses
10.3 Assets and Investments
10.4 Property Insurance
10.5 Property Insurance by Product
10.6 Motor Insurance
10.7 Motor Insurance by Product
10.8 Liability Insurance
10.9 Marine, Aviation and Transit Insurance
11 DEFINITIONS AND METHODOLOGY
11.1 Definitions
11.2 Methodology
12 ABOUT TIMETRIC
12.1 Contact Timetric
12.2 About Timetric
12.3 Timetric’s Services
12.4 Disclaimer

List of Tables
Table 1: Greek Non-Life Insurance – Key Facts, 2014
Table 2: Greek Non-Life Insurance – Segment Shares of the Top Insurers, 2015
Table 3: Greek Government Credit Ratings
Table 4: Greek Non-Life Insurance – Gross Written Premium (EUR Billion and US$ Billion), 2011–2015
Table 5: Greek Non-Life Insurance – Penetration (%), 2011–2015
Table 6: Greek Non-Life Insurance – Gross Written Premium (EUR Billion and US$ Billion), 2015–2020
Table 7: Greek Non-Life Insurance – Penetration (%), 2015–2020
Table 8: Greek Non-Life Insurance – Premium per Capita (EUR and US$), 2011–2015
Table 9: Greek Non-Life Insurance – Premium per Capita (EUR and US$), 2015–2020
Table 10: Greek Non-Life Insurance – Number of Policies Sold (Million), 2011–2015
Table 11: Greek Non-Life Insurance – Number of Policies Sold (Million), 2015–2020
Table 12: Greek Non-Life Insurance – Paid Claims (EUR Million and US$ Million), 2011–2015
Table 13: Greek Non-Life Insurance – Paid Claims (EUR Million and US$ Million), 2015–2020
Table 14: Greek Non-Life Insurance – Profitability Ratio (%), 2011–2015
Table 15: Greek Non-Life Insurance – Profitability Ratio (%), 2015–2020
Table 16: Greek Non-Life Insurance – Total Assets (EUR Billion and US$ Billion), 2011–2015
Table 17: Greek Non-Life Insurance – Total Assets (EUR Billion and US$ Billion), 2015–2020
Table 18: Greek Non-Life Insurance – Investment Portfolio (EUR Billion), 2011–2015
Table 19: Greek Non-Life Insurance – Investment Portfolio (EUR Billion), 2015–2020
Table 20: Greek Non-Life Insurance – Direct Written Premium by Category (EUR Billion), 2011–2015
Table 21: Greek Non-Life Insurance – Direct Written Premium by Category (EUR Billion), 2015–2020
Table 22: Greek Property Insurance – Direct Written Premium by Sub-Category (EUR Million), 2011–2015
Table 23: Greek Property Insurance – Direct Written Premium by Sub-Category (EUR Million), 2015–2020
Table 24: Greek Property Insurance – Number of Policies Sold by Sub-Category (Million), 2011–2015
Table 25: Greek Property Insurance – Number of Policies Sold by Sub-Category (Million), 2015–2020
Table 26: Greek Property Insurance – Paid Claims (EUR Million and US$ Million), 2011–2015
Table 27: Greek Property Insurance – Paid Claims (EUR Million and US$ Million), 2015–2020
Table 28: Greek Motor Insurance – Direct Written Premium by Sub-Category (EUR Million), 2011–2015
Table 29: Greek Motor Insurance – Direct Written Premium by Sub-Category (EUR Million), 2015–2020
Table 30: Greek Motor Insurance – Number of Policies Sold by Sub-Category (Million), 2011–2015
Table 31: Greek Motor Insurance – Number of Policies Sold by Sub-Category (Million), 2015–2020
Table 32: Greek Motor Insurance – Paid Claims (EUR Million and US$ Million), 2011–2015
Table 33: Greek Motor Insurance – Paid Claims (EUR Million and US$ Million), 2015–2020
Table 34: Greek Motor Insurance – Loss Ratio (%), 2011–2015
Table 35: Greek Motor Insurance – Loss Ratio (%), 2015–2020
Table 36: Greek Liability Insurance – Direct Written Premium by Sub-Category (EUR Million), 2011–2015
Table 37: Greek Liability Insurance – Direct Written Premium by Sub-Category (EUR Million), 2015–2020
Table 38: Greek Liability Insurance – Number of Policies Sold (Million), 2011–2015
Table 39: Greek Liability Insurance – Number of Policies Sold (Million), 2015–2020
Table 40: Greek Liability Insurance – Paid Claims (EUR Million and US$ Million), 2011–2015
Table 41: Greek Liability Insurance – Paid Claims (EUR Million and US$ Million), 2015–2020
Table 42: Greek Marine, Aviation and Transit Insurance – Direct Written Premium by Sub-Category (EUR Million), 2011–2015
Table 43: Greek Marine, Aviation and Transit Insurance – Direct Written Premium by Sub-Category (EUR Million), 2015–2020
Table 44: Greek Marine, Aviation and Transit Insurance – Number of Policies Sold (Thousand), 2011–2015
Table 45: Greek Marine, Aviation and Transit Insurance – Number of Policies Sold (Thousand), 2015–2020
Table 46: Greek Marine, Aviation and Transit Insurance – Paid Claims (EUR Million and US$ Million), 2011–2015
Table 47: Greek Marine, Aviation and Transit Insurance – Paid Claims (EUR Million and US$ Million), 2015–2020
Table 48: Greek Average Annual Loss by Hazard, 1990–2014
Table 49: Greek Non-Life Segment – Market Shares of Leading Insurers (%), 2015
Table 50: The Ethniki Hellenic General Insurance Company SA – Key Facts
Table 51: Ergo General Insurance Company SA – Key Facts
Table 52: Ergo General Insurance Company SA – Key Financials (US$ Million), 2011–2015
Table 53: European Reliance – Key Facts
Table 54: Allianz Hellas – Key Facts
Table 55: Axa Insurance Company – Key Facts
Table 56: Greece– Insurance Regulatory Framework Key Features
Table 57: Greece– Life Insurance Regulatory Framework
Table 58: Greece– Property Insurance Regulatory Framework
Table 59: Greece– Motor Insurance Regulatory Framework
Table 60: Greece – Liability Insurance Regulatory Framework
Table 61: Greece – Minimum Coverage for Aircraft Third-Party Liability Per Accident and Aircraft
Table 62: Greece – Corporate Tax Rates for the Financial Year 2017
Table 63: Greek Insurance Industry – Policies and Premium, 2011–2015
Table 64: Greek Insurance Industry – Policies and Premium, 2015–2020
Table 65: Greek Non-Life Insurance – Claims and Expenses, 2011–2015
Table 66: Greek Non-Life Insurance – Claims and Expenses, 2015–2020
Table 67: Greek Non-Life Insurance – Assets and Investments, 2011–2015
Table 68: Greek Non-Life Insurance – Assets and Investments, 2015–2020
Table 69: Greek Non-Life Insurance – Property Insurance, 2011–2015
Table 70: Greek Non-Life Insurance – Property Insurance, 2015–2020
Table 71: Greek Non-Life Insurance – Property Insurance by Product, 2011–2015
Table 72: Greek Non-Life Insurance – Property Insurance by Product, 2015–2020
Table 73: Greek Non-Life Insurance – Motor Insurance, 2011–2015
Table 74: Greek Non-Life Insurance – Motor Insurance, 2015–2020
Table 75: Greek Non-Life Insurance – Motor Insurance by Product, 2011–2015
Table 76: Greek Non-Life Insurance – Motor Insurance by Product, 2015–2020
Table 77: Greek Non-Life Insurance – Liability Insurance, 2011–2015
Table 78: Greek Non-Life Insurance – Liability Insurance, 2015–2020
Table 79: Greek Non-Life Insurance – Marine, Aviation and Transit Insurance, 2011–2015
Table 80: Greek Non-Life Insurance – Marine, Aviation and Transit Insurance, 2015–2020
Table 81: Insurance Industry Definitions

List of 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 Non-Life Insurance Penetration – Regional Comparison (%), 2015
Figure 8: Greek Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015
Figure 9: Greek Non-Life Insurance – Gross Written Premium (EUR Billion), 2011–2020
Figure 10: Greek Non-Life Insurance – Penetration (%), 2011–2020
Figure 11: Greek Non-Life Insurance – Premium per Capita (EUR), 2011–2020
Figure 12: Greek Non-Life Insurance – Number of Policies Sold (Million), 2011–2020
Figure 13: Greek Non-Life Insurance – Paid Claims (EUR Million), 2011–2020
Figure 14: Greek Non-Life Insurance – Profitability Ratio (%), 2011–2020
Figure 15: Greek Non-Life Insurance – Total Assets (EUR Billion), 2011–2020
Figure 16: Greek Non-Life Insurance – Investment Portfolio (EUR Billion), 2011–2020
Figure 17: Greek Non-Life Insurance – Investment Portfolio Dynamics by Category, 2011–2020
Figure 18: Greek Non-Life Insurance – Direct Written Premium by Category (EUR Billion), 2011–2020
Figure 19: Greek Non-Life Insurance – Direct Written Premium Dynamics by Category, 2011–2020
Figure 20: Greek Property Insurance – Construction Value Output by Category (EUR Million), 2011–2020
Figure 21: Greek Property Insurance – Direct Written Premium by Sub-Category (EUR Million), 2011–2020
Figure 22: Greek Property Insurance – Direct Written Premium Dynamics by Sub-Category, 2011–2020
Figure 23: Greek Property Insurance – Number of Policies Sold by Sub-Category (Million), 2011–2020
Figure 24: Greek Property Insurance – Paid Claims (EUR Million), 2011–2020
Figure 25: Greek Motor Insurance – Number of Vehicle Registrations , 2011–2016
Figure 26: Greek Motor Insurance – Road Accidents, 2011–2016
Figure 27: Greek Motor Insurance – Direct Written Premium by Sub-Category (EUR Million), 2011–2020
Figure 28: Greek Motor Insurance – Direct Written Premium Dynamics by Sub-Category, 2011–2020
Figure 29: Greek Motor Insurance – Number of Policies Sold by Sub-Category (Million), 2011–2020
Figure 30: Greek Motor Insurance – Paid Claims (EUR Million), 2011–2020
Figure 31: Greek Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (EUR Billion and %), 2011–2020
Figure 32: Greek Liability Insurance – General Civil Liability Insurance, 2015
Figure 33: Greek Liability Insurance – Hotelier’s Liability Insurance, 2009–2013
Figure 34: Greek Liability Insurance – Direct Written Premium (EUR Million), 2011–2020
Figure 35: Greek Liability Insurance – Number of Policies Sold (Million), 2011–2020
Figure 36: Greek Liability Insurance – Paid Claims (EUR Million), 2011–2020
Figure 37: Greek Marine, Aviation and Transit – Exports and Imports (EUR Billion), 2011–2015
Figure 38: Greek Marine, Aviation and Transit – Total Air Traffic (Departures and Arrivals), 2011–2015
Figure 39: Greek Marine, Aviation and Transit Insurance – Direct Written Premium (EUR Million), 2011–2020
Figure 40: Greek Marine, Aviation and Transit Insurance – Number of Policies Sold (Thousand), 2011–2020
Figure 41: Greek Marine, Aviation and Transit Insurance – Paid Claims (EUR Million), 2011–2020
Figure 42: Greek Frequency of Hazards by Type, 1990–2014
Figure 43: Greek Mortality by Hazards Type, 1990–2014
Figure 44: Greek Economic Loss by Hazards Type, 1990–2014
Figure 45: Greek Non-Life Segment – Market Shares of Leading Insurers (%), 2015
Figure 46: Greece– The Three Pillars of Solvency II
Figure 47: Greece– Insurance Supervision and Control at Various Levels
Figure 48: Greece – Insurance Regulatory Frameworks for Company Registration and Operation

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