Greece Life & Non-Life Insurance Market Size (2024 - 2029)

The Greece life and non-life insurance market has experienced significant changes, particularly influenced by the COVID-19 pandemic, which impacted the economy and banking system. Despite the recession, the market has seen structural shifts, with an accelerated adoption of digital technologies in both public and private sectors. The involvement of EU recovery funds presents an opportunity for Greece to transform its economic model, focusing on digital and green economies. This evolution in the market landscape highlights the dynamic nature of the insurance sector in Greece, reflecting broader economic trends and opportunities for growth.

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Market Size of Greece Life & Non-Life Insurance Industry

greece
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 3.00 %
Market Concentration Low

Major Players

Greece Life & Non-Life Insurance Market Major Players

*Disclaimer: Major Players sorted in no particular order

Greece Life and Non-Life Insurance Market Analysis

Of the 53 insurance enterprises that operated with an established status in Greece in 2020, based on their insurance operations, 33 were non-Life insurance enterprises, 6 were Life insurance enterprises, and 14 were composite companies acting Life and non-Life insurance (including life insurance enterprises which operate in Accident and Health branches from non-Life insurance).

In addition, insurance business in Greece is also carried out by insurance enterprises based in another E.U. Member State, under the freedom to provide services regime, which is supervised in terms of solvency by the competent supervisory authorities of the countries of origin.

The year 2020 was marked internationally by the COVID-19 pandemic that contributed to the negative course of the Greek economy and the banking system. The Greek economy, in contrast to the growth of 1.9% recorded in 2019, recorded a recession of 8.2%, thus keeping pace with the course of the European economy, where the total G.D.P. for 2020 shrank by 6.6%. The global economy faced the worst in peacetime, the recession of the last 100 years, as the global G.D.P. is estimated to have recorded a historical decline of 3.5%.

  • However, the pandemic has led to some structural changes with significant positive results. The use of digital technology has accelerated, while digital leaps have been made in both the public and private sectors. The use of the funds of the European recovery instrument Next Generation EU is an opportunity for substantial transformation so that Greece can make the transition to a development model based mainly on the digital and green economy.

Greece Life and Non-Life Insurance Industry Segmentation

The Greece Life and Non-Life Insurance Market is one of the growing, and low demands for Life and Non-Life Insurance Market as the people are more preferring the insured lifestyle and innovative platforms for which the Greece Life and Non-Life insurances are getting efficiency at a growing pace. A complete background analysis of the Greece Life and Non-Life Insurance Market, which includes an assessment of the economy, market overview, market size estimation for key segments, emerging trends in the market, market dynamics, and key company profiles, are covered in the report. The Greece Life and Non-Life Insurance Market are Segmented The Greece Life and Non-Life Insurance Market is segmented By Insurance Type (Life Insurance (Individual and Group ) and Non-life Insurance (Home, Motor, and Other Non-Life Insurances)) and By Distribution Channel (Direct, Agency, Banks, and Other Distribution Channels). The market sizing and forecasts have been done on the basis of value (USD million).

By Type
Life Insurances
Individual
Group
Non-Life Insurances
Home
Motor
Other Non-Life Insurances
By Distribution Channel
Direct
Agency
Banks
Other Distribution Channels
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Greece Life & Non-Life Insurance Market Size Summary

The Greece Life and Non-Life Insurance Market is characterized by a diverse range of insurance enterprises, including dedicated Life and Non-Life companies, as well as composite firms offering both types of coverage. The market operates under the regulatory framework of the European Union, allowing companies from other member states to provide services in Greece. The economic challenges posed by the COVID-19 pandemic led to a recession in Greece, mirroring trends across Europe and globally. However, the pandemic also accelerated digital transformation within the insurance sector, presenting opportunities for growth and modernization. The use of European recovery funds is seen as a catalyst for transitioning Greece towards a digital and green economy, which could positively impact the insurance market.

Despite the economic downturn, the insurance market in Greece demonstrated resilience, with an increase in the share of registered premiums relative to the country's GDP. The market is less competitive, dominated by a few key players such as Ethniki and NN Hellenic, alongside international companies like Allianz and AXA. These firms are driving innovation and forming strategic partnerships to enhance their market positions. Recent acquisitions, such as Generali's purchase of AXA's Greek operations, highlight ongoing consolidation and strategic realignments within the industry. The market is expected to continue its growth trajectory, supported by these developments and the broader economic recovery efforts.

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Greece Life & Non-Life Insurance Market Size - Table of Contents

  1. 1. MARKET INSIGHTS AND DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Investments by Insurance Companies in Greece

    3. 1.3 Market Drivers

    4. 1.4 Market Restraints

    5. 1.5 Consumer Need and Behaviour Analysis- From Insurtech Perspective

    6. 1.6 Porter's Five Forces Analysis

      1. 1.6.1 Threat of New Entrant

      2. 1.6.2 Bargaining Power of Buyer/ Consumer

      3. 1.6.3 Bargaining Power of Suppliers

      4. 1.6.4 Threat of Substitute Product

      5. 1.6.5 Intensity of Competitive Rivalry

    7. 1.7 Government Regulations and Industry Policies

    8. 1.8 Impact of COVID-19 on the market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Life Insurances

        1. 2.1.1.1 Individual

        2. 2.1.1.2 Group

      2. 2.1.2 Non-Life Insurances

        1. 2.1.2.1 Home

        2. 2.1.2.2 Motor

        3. 2.1.2.3 Other Non-Life Insurances

    2. 2.2 By Distribution Channel

      1. 2.2.1 Direct

      2. 2.2.2 Agency

      3. 2.2.3 Banks

      4. 2.2.4 Other Distribution Channels

Greece Life & Non-Life Insurance Market Size FAQs

The Greece Life & Non-Life Insurance Market is projected to register a CAGR of less than 3% during the forecast period (2024-2029)

ETHNIKI, HELLENIC GENERAL INSURANCE CO. SA, NN HELLENIC LIFE INSURANCE CO. SA, ERGO INSURANCE COMPANY SA, AXA INSURANCE SA and ALLIANZ INSURANCE are the major companies operating in the Greece Life & Non-Life Insurance Market.

Greece Life and Non-Life Insurance Market Report Snapshots

Greece Life & Non-Life Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)