New Market Report Now Available: Greece Insurance Report Q3 2014

From: Fast Market Research, Inc.
Published: Tue Jul 01 2014


Particular companies have enjoyed success with the introduction of new products or initiatives in distribution (particularly bancassurance and direct sales). However, they are the minority. Economic and competitive pressures mean that premiums are contracting in the non-life segment, and all the main sub-sectors thereof. Thanks to a small recovery in sales of unit lin ked products (following a bad year in 2013, during which they contracted by around a third), life insurance premiums may have found a floor. We doubt, though, that either segment will enjoy consistent growth in premiums prior to 2016.

As of mid- 2014, it is clear that conditions remain grim for many of the players in Greece's embattled insurance sector. It is possible that life premiums have found a floor. Thanks to a mild recovery in sales of unit-linked products in Q114 (following a nasty slump in 2013), life premiums rose a little in the first three months of the year. However, lingering softness in the economy and constrained household incomes mean that most sub-sectors of the non-life segment are contracting. We do not expect premiums to achieve consistent growth in either of the main segments before 2016.

Full Report Details at
- http://www.fastmr.com/prod/841268_greece_insurance_report_q3_2014.aspx?afid=301

A new wildcard emerged in 2012 and remains relevant: this the movement by Greece's troubled banking sector towards a wholesale consolidation. The takeover bid by National Bank of Greece for Eurobank is a classic example of this. It remains to be seen what will be the final implications for the insurance companies that both parties own. A consolidation of the insurance sector would probably be good news, in that it would provide greater economies of scale and, for some players at least, more pricing power.

Recent developments

* Data from the trade association indicates that non-life premiums fell by 8.0% in Q114 relative to the previous corresponding period in EUR terms: through 2013 as a whole, non-life premiums had dropped by 5.5%.
* Non-life premiums continued, in Q114, to...

The Greece Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's Greece Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Greek insurance industry.

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