Greece Insurance Report Q1 2015 - New Market Research Report

From: Fast Market Research, Inc.
Published: Thu Jan 08 2015

The stabilisation of the economy means that the life segment - finally - appears to have found a floor. Competitive pressures, especially in the motor vehicle sub-sector, mean that premiums have continued to fall in the non-life segment. Premiums will likely only rise slowly from 2015 onwards. At the end of the forecast period, the sector will remain smaller, by many metrics, than it had been in 2011.

No insurance sector suffered as much from the financial crisis in Europe in 2009-11 as Greece's. We cautiously predict that 2014 will be the year in which total premiums finally find a floor. According to the trade association, total life premiums in H114 were 7.6% higher, in local currency terms, than they had been in the previous corresponding period. This growth was due to a 54.1% rise in unit-linked premiums. We think that the driver was the stabilisation of the economy and a renewed appetite for risk on the part of wealthier households who can afford the life insurers' offerings. The comments from the leading life companies suggest that only a few - such as Ethniki - were actually able to benefit from the increase in premiums.

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In spite of the stabilisation of the economy, non-life premiums fell by 9% in H114. This was driven by double-digit falls in premiums for motor vehicle- related lines. Business has been contracting for both compulsory motorists' third party liability (CMTPL) and voluntary hull (CASCO) insurance in spite of new laws which increase the penalties for drivers whose cars are uninsured. Premiums contracted in other sub-sectors too. We think that the main problem remains one of over-capacity in a crowded market place, which means that prices are continuing to fall.

Looking forward, we do not see any catalyst for significant growth in either segment. We do not see new users of life insurance. We do not expect that the problem of over-capacity in the non-life segment will disappear anytime soon: ERGO's acquisition of ATE...

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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