Greece Life and Non-Life Insurance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | < 3.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Greece Life and Non-Life Insurance Market Analysis
Of the 53 insurance enterprises that operated with an established status in Greece in 2020, based on their insurance operations, 33 were non-Life insurance enterprises, 6 were Life insurance enterprises, and 14 were composite companies acting Life and non-Life insurance (including life insurance enterprises which operate in Accident and Health branches from non-Life insurance).
In addition, insurance business in Greece is also carried out by insurance enterprises based in another E.U. Member State, under the freedom to provide services regime, which is supervised in terms of solvency by the competent supervisory authorities of the countries of origin.
The year 2020 was marked internationally by the COVID-19 pandemic that contributed to the negative course of the Greek economy and the banking system. The Greek economy, in contrast to the growth of 1.9% recorded in 2019, recorded a recession of 8.2%, thus keeping pace with the course of the European economy, where the total G.D.P. for 2020 shrank by 6.6%. The global economy faced the worst in peacetime, the recession of the last 100 years, as the global G.D.P. is estimated to have recorded a historical decline of 3.5%.
- However, the pandemic has led to some structural changes with significant positive results. The use of digital technology has accelerated, while digital leaps have been made in both the public and private sectors. The use of the funds of the European recovery instrument Next Generation EU is an opportunity for substantial transformation so that Greece can make the transition to a development model based mainly on the digital and green economy.
Greece Life and Non-Life Insurance Market Trends
This section covers the major market trends shaping the Greece Life & Non-Life Insurance Market according to our research experts:
Penetration Ratio of Insurance Premium and their Investments to GDP Increased Greece Life & Non-Life Insurance Industry Size
In 2020, the share of the total production of registered premiums in the country's G.D.P. increased to 2.62% from 2.42% in 2019. This happened due to the moderate decrease in the production of premiums compared to the largest decrease in the country's G.D.P. (-9.8% at current prices, according to the latest revision of the National Accounts data by the Hellenic Statistical Authority).
- The ratio of investments in the Greek insurance market to G.D.P. reached 10.1% in 2020, recording an increase from 2019 (8.65%). However, the ratio continues to be well below the corresponding average of other European countries with a higher degree of insurance market growth.
Increase in Passenger Car Registration Witnessed Growth in Non-Life Insurance Market at Greece
The revenue of the industry 'rental and leasing of cars and light motor vehicles' in Greece is seen to be approximately 600 Million USD in 2021. Revenue in the Passenger Cars market is projected to reach USD 1,970.1m in 2022. Revenue is expected to show an annual growth rate (CAGR 2022-2026) of -0.50%, resulting in a projected market volume of USD 1,930.7m by 2026.
Greece Life and Non-Life Insurance Industry Overview
The Greece Life and Non-Life Insurance Market is less competitive and is led by a few strong players offering a handsome number of competitive insurance companies dominating the market, nowadays grabbing the market more powerfully by the new innovations and partnerships. Various players, including Ethniki, NN Hellenic, with the presence of international players as well including Allianz, AIA, AXA Life Insurance, and many more, are leading the Greece Life & Non-Life Insurance Market to new heights, and it is expected that the market will grow at a high rate throughout the forecast period.
Greece Life and Non-Life Insurance Market Leaders
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ETHNIKI, HELLENIC GENERAL INSURANCE CO. SA
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NN HELLENIC LIFE INSURANCE CO. SA
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ERGO INSURANCE COMPANY SA
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AXA INSURANCE SA
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ALLIANZ INSURANCE
*Disclaimer: Major Players sorted in no particular order
Greece Life and Non-Life Insurance Market News
- In 2021, Greek Insurance Conglomerate Ethniki Sold to Private Fund. Through its subsidiaries Garanta and Ethniki Asfalistiki Cyprus, it has a significant and dynamic presence in Romania and Cyprus, respectively. Its growth has attracted the interest of several foreign funds recently. In a statement, CVC Capital announced that it has entered into a definitive agreement to acquire 90.01% of Ethniki Insurance from NBG.
- In 2020, Generali acquired AXA's Greek activity. The deal includes its activity in life and general insurance policies, and the tag amounts to 12.2 times the price per earnings ratio of 2019. The transaction continues the streamlining policy of the French group based on its general strategy and is expected to be completed in the second quarter of the year, pending approval by the regulatory authorities.
Greece Life and Non-Life Insurance Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of Study
2. RESEARCH METHODOLOGY
3. EXCEUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Investments by Insurance Companies in Greece
4.3 Market Drivers
4.4 Market Restraints
4.5 Consumer Need and Behaviour Analysis- From Insurtech Perspective
4.6 Porter's Five Forces Analysis
4.6.1 Threat of New Entrant
4.6.2 Bargaining Power of Buyer/ Consumer
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Product
4.6.5 Intensity of Competitive Rivalry
4.7 Government Regulations and Industry Policies
4.8 Impact of COVID-19 on the market
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Life Insurances
5.1.1.1 Individual
5.1.1.2 Group
5.1.2 Non-Life Insurances
5.1.2.1 Home
5.1.2.2 Motor
5.1.2.3 Other Non-Life Insurances
5.2 By Distribution Channel
5.2.1 Direct
5.2.2 Agency
5.2.3 Banks
5.2.4 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Ethniki, Hellenic General Insurance
6.1.2 Eurolife ERB Insurnace
6.1.3 NN Hellenic Life Insurance
6.1.4 ERGO Insurance
6.1.5 AXA Insurance
6.1.6 European Relaince General
6.1.7 MetLife
6.1.8 General Hellas
6.1.9 Allianz Hellas
6.1.10 Griupama Phoenix Hellenic Insurance
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER
Greece Life and Non-Life Insurance Industry Segmentation
The Greece Life and Non-Life Insurance Market is one of the growing, and low demands for Life and Non-Life Insurance Market as the people are more preferring the insured lifestyle and innovative platforms for which the Greece Life and Non-Life insurances are getting efficiency at a growing pace. A complete background analysis of the Greece Life and Non-Life Insurance Market, which includes an assessment of the economy, market overview, market size estimation for key segments, emerging trends in the market, market dynamics, and key company profiles, are covered in the report. The Greece Life and Non-Life Insurance Market are Segmented The Greece Life and Non-Life Insurance Market is segmented By Insurance Type (Life Insurance (Individual and Group ) and Non-life Insurance (Home, Motor, and Other Non-Life Insurances)) and By Distribution Channel (Direct, Agency, Banks, and Other Distribution Channels). The market sizing and forecasts have been done on the basis of value (USD million).
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Greece Life and Non-Life Insurance Market Research FAQs
What is the current Greece Life & Non-Life Insurance Market size?
The Greece Life & Non-Life Insurance Market is projected to register a CAGR of less than 3% during the forecast period (2024-2029)
Who are the key players in Greece Life & Non-Life Insurance Market?
ETHNIKI, HELLENIC GENERAL INSURANCE CO. SA, NN HELLENIC LIFE INSURANCE CO. SA, ERGO INSURANCE COMPANY SA, AXA INSURANCE SA and ALLIANZ INSURANCE are the major companies operating in the Greece Life & Non-Life Insurance Market.
What years does this Greece Life & Non-Life Insurance Market cover?
The report covers the Greece Life & Non-Life Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Greece Life & Non-Life Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
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Greece Life and Non-Life Insurance Market Report Snapshots
