Market Trends of Greece Life & Non-Life Insurance Industry
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.
