Greece Property and Casualty Insurance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 7.60 Million |
| Market Size (2029) | USD 9.10 Million |
| CAGR (2024 - 2029) | 3.67 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Greece Property and Casualty Insurance Market Analysis
The Greece Property And Casualty Insurance Market size in terms of gross written premiums value is expected to grow from USD 7.60 million in 2024 to USD 9.10 million by 2029, at a CAGR of 3.67% during the forecast period (2024-2029).
Property and casualty insurance in Greece covers losses or damage to residential and commercial property, as well as liability for criminal acts. This type of insurance is essential for protecting property and reducing financial losses caused by unexpected events. Property and Casualty insurance in Greece is regulated by HPISC, which oversees and regulates the insurance industry in Greece.
The cost of property and casualty insurance in Greece can vary depending on several factors, including the type of coverage, the level of risk, and the policyholder's claims history. In general, insurance premiums in Greece are relatively affordable compared to other European countries. Most insurance companies in Greece offer online platforms where customers can purchase insurance policies and manage their accounts. Additionally, insurance agents and brokers are available to guide and assist customers who need help selecting the right policy for their needs.
Greece Property and Casualty Insurance Market Trends
Technological Advancements are Driving the Market
- Significant technological advancements have recently affected many aspects of the Greece property and casualty insurance market, including underwriting, claims handling, and customer experience. Technology advancements like using drones for property inspections and creating new data analytics tools can aid insurers in streamlining their underwriting and risk assessment procedures.
- Technology can also result in the creation of new insurance services and products. To enhance the customer experience and cut costs, Greece insurers are increasingly digitizing all aspects of their business, including customer-facing services. Insurers can now automate the underwriting and claims processes, speeding up these procedures while lowering their costs and overhead.
Emerging Risks are Driving the Market
- In Greece, the market for property and casualty insurance is significantly influenced by emerging risks. The way that insurers conduct business is changing due to the new and evolving risks that are appearing as the world becomes more interconnected and complex, which may affect both individuals and businesses.
- Cyber threats, pandemics, and climate change are a few of the new risks that are influencing Greece's property and casualty insurance market. The insurance industry is responding by creating new products and services to help mitigate these risks, which can have significant financial and reputational effects on businesses and individuals.
- Emerging risks generally drive the property and casualty insurance market in Greece, and insurers are responding by creating new products and services to help mitigate these risks and protect their clients.
Greece Property and Casualty Insurance Industry Overview
The property and casualty insurance market in Greece is considered to be relatively fragmented, with a mix of large, medium, and small insurers operating in the country. The market is competitive, with both domestic and international insurance companies offering a wide range of products and services to individuals and businesses. It is important to note that the Greece market for property and casualty insurance has recently consolidated due to several mergers and acquisitions among insurance companies. Although some insurers have increased their market shares as a result of these transactions, the market as a whole is still competitive and diverse.
Some of the major players operating in the market include Allianz Greece, AXA Greece, Ergo Insurance, Ethniki Hellenic General Insurance Company, and Eurobank Insurance.
Greece Property and Casualty Insurance Market Leaders
-
Allianz Greece
-
Ergo Insurance
-
Ethniki Hellenic General Insurance Company
-
Eurobank Insurance
-
AXA Greece
*Disclaimer: Major Players sorted in no particular order
/property-and-casualty-insurance-market-in-greece---growth,-trends,-and-forecast-(2020---2025)_Picture32.webp)
Greece Property and Casualty Insurance Market News
- December 2022: European Reliance and Allianz Greece announced the formation of an Executive Committee (ExCom) to oversee their joint expansion journey and facilitate the effective integration of the two companies. The composition of the ExCom members has been carefully chosen with the primary goal of ensuring a seamless integration process..
- February 2022: The European Commission unconditionally cleared the acquisition of Ethniki Hellenic General Insurance Company S.A. of Greece by CVC Capital Partners SICAV FIS S.A. of Luxemburg. Ethniki offers life and non-life insurance services, insurance distribution, and reinsurance services in Cyprus, Greece, and Romania. CVC and its subsidiaries manage investment funds and platforms and control many companies, including the Hellenic Healthcare Group, which offers private hospital services in Cyprus and Greece.
Greece Property & Casualty Insurance Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Insights on Technological Innovations in the Market
4.5 Insight on Various Government Regulations in the Market
4.6 Porter's Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Insurance type
5.1.1 Home
5.1.2 Motor
5.1.3 Other Insurance Types (Fire, Marine, Aviation, Engineering, Liability Insurances)
5.2 By Distribution Channel
5.2.1 Direct
5.2.2 Agency
5.2.3 Brokers
5.2.4 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Allianz Greece
6.2.2 AXA Greece
6.2.3 Ergo Insurance
6.2.4 Ethniki Hellenic General Insurance Company
6.2.5 Eurobank Insurance
6.2.6 Groupama Phoenix
6.2.7 Interamerican Greece
6.2.8 NN Hellas
6.2.9 Piraeus Insurance
6.2.10 Zurich Insurance
6.2.11 Alpha Insurance Company
6.2.12 HDI-Gerling Greece Insurance
6.2.13 MetLife Greece Insurance Company*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Greece Property and Casualty Insurance Industry Segmentation
Property insurance helps cover stuff you own, like your home or your car. Casualty insurance means that the policy includes liability coverage to help protect you if you're found legally responsible for an accident that causes injuries to another person or damage to another person's belongings.
The property and casualty insurance market in Greece is segmented by insurance type, by distribution channel. By insurance type the market is sub-segmented into home, motor, and other insurance types. By distribution channel the market is sub-segmented into direct, agency, bank, and other distribution channels.
The report offers market size and forecasts for the Greece property and casualty insurance market in value (USD) for all the above segments.
| By Insurance type | |
| Home | |
| Motor | |
| Other Insurance Types (Fire, Marine, Aviation, Engineering, Liability Insurances) |
| By Distribution Channel | |
| Direct | |
| Agency | |
| Brokers | |
| Other Distribution Channels |
Greece Property & Casualty Insurance Market Research FAQs
How big is the Greece Property and Casualty Insurance Market?
The Greece Property and Casualty Insurance Market size is expected to reach USD 7.60 million in 2024 and grow at a CAGR of 3.67% to reach USD 9.10 million by 2029.
What is the current Greece Property and Casualty Insurance Market size?
In 2024, the Greece Property and Casualty Insurance Market size is expected to reach USD 7.60 million.
Who are the key players in Greece Property and Casualty Insurance Market?
Allianz Greece, Ergo Insurance, Ethniki Hellenic General Insurance Company, Eurobank Insurance and AXA Greece are the major companies operating in the Greece Property and Casualty Insurance Market.
What years does this Greece Property and Casualty Insurance Market cover, and what was the market size in 2023?
In 2023, the Greece Property and Casualty Insurance Market size was estimated at USD 7.32 million. The report covers the Greece Property and Casualty Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Greece Property and Casualty Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Greece Property and Casualty Insurance Industry Report
Statistics for the 2024 Greece Property And Casualty Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Greece Property And Casualty Insurance analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
