Market Report, "Greece Insurance Report Q2 2016", published

From: Fast Market Research, Inc.
Published: Fri Apr 29 2016

The Greek economy is expected to post a modest recovery in 2016, following years of significant decline. This bodes well for the insurance sector, which has been struggling in the face of widespread unemployment, pressure on household income levels and a lack of significant public or private investment in vital sectors such as infrastructure. We therefore expect premiums to show slight growth in 2016 in local currency terms, though the ongoing strengthening of the dollar against a weakening euro means premiums will continue to fall when measured in US dollar terms. Over the remainder of the forecast period, premium growth is expected to gather pace, particularly in the non-life sector, which is supported by the large, and compulsory, motor insurance segment.

Key Updates And Forecasts

Protests have followed a European Court of Justice ruling which states that Greece must reclaim EUR425mn of insurance payments made to farmers for crop damage in 2009. The payments were made from the state-owned Greek Agricultural Insurance Organization but were funded by loans from banks which were guaranteed by the state, not insurance contributions.

Full Report Details at

Greece's non-life sector is considerably larger than the life market and expected to record more positive growth over the forecast period, largely as a result of demand for compulsory motor insurance products. We expect gross non-life premiums to grow by an average of 3.1% annually over the forecast period between 2016 and 2020, when measured in local currency terms.

The smaller life sector is forecast to grow by a far more subdued 0.3% annually, on average, between 2016 and 2020, with demand for life products hampered by low household income levels and high unemployment levels. We also note market uncertainty regarding the government's proposed reforms to the pension system.

The Greece Insurance Report has been researched at source and features BMI Research'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.

Key Benefits
Benchmark BMI's independent insurance industry forecasts for Greece to test other views - a key input for successful budgeting and strategic business planning in Greece's insurance market.

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