Market Trends of Property And Casualty Insurance Industry In Greece
Rising Internet Penetration and Technological Advancements are Driving the Market
The rise in internet penetration in Greece is having a positive impact on the P&C Insurance market. With more people using their phones and computers than ever before, insurance companies are increasingly turning to online platforms to attract new clients, manage policies, and handle claims. Digitalization improves efficiency, improves the customer experience, and allows for new insurance products to be created. In recent years, several technological developments have had a positive impact on many areas of the Greece property & casualty insurance market, such as underwriting, claims processing, and customer experience. Technological advances such as the introduction of drones for property inspection and the development of data analytics tools can help insurers simplify their underwriting processes and risk assessment. In order to improve the customer experience and reduce costs, Greek insurers are increasingly digitizing all aspects of their operations, including their customer's face-to-face services. They are now able to automate the underwriting process and claim handling, which can significantly reduce their costs and overhead. Technology can also lead to the development of new services and products.
Increasing Automobile Sales Witnessing Upward Trend of Greece P&C Insurance Market
The increase in automobile sales has witnessed growth in the P&C insurance market in Greece. The Greek cars market grew for the 17th month in a row with 10,452 new registrations, an increase of 29.5%. The year-to-date (YTD) figure stands at an increase of 27.8% compared to the previous year. Brand-wise, Toyota became the new market leader, with an increase of 8.8%. Followed by Peugeot with an increase of 14.2%, and others. As the middle-class population continues to grow in Greece, the needs and requirements of consumers are evolving. Young adults living in cities are the new growth drivers for the industry, as they offer a generation of young consumers who can afford a car.
