Over the past few years, the Life insurance market in Greece has shown a steady growth trajectory, reflecting changing customer preferences and local special circumstances.
Customer preferences: Customers in Greece are increasingly seeking life insurance products that offer not only financial security but also investment opportunities. This shift in preferences can be attributed to the low interest rates environment, prompting individuals to look for alternative ways to grow their savings. Moreover, there is a growing awareness among consumers about the importance of long-term financial planning, driving the demand for life insurance products with investment components.
Trends in the market: One notable trend in the Greek life insurance market is the rising popularity of unit-linked insurance products. These products allow policyholders to invest in a range of assets such as stocks and bonds, offering the potential for higher returns compared to traditional life insurance policies. As more Greeks seek to maximize their savings through investment-linked products, insurance companies are adapting their offerings to meet this demand.
Local special circumstances: The economic challenges faced by Greece in recent years have also influenced the life insurance market. The uncertainty surrounding the country's financial stability has led individuals to prioritize long-term financial security, driving the demand for life insurance products as a means of safeguarding their future. Additionally, the cultural emphasis on family and legacy planning has contributed to the steady demand for life insurance policies in Greece.
Underlying macroeconomic factors: The macroeconomic landscape in Greece plays a significant role in shaping the life insurance market. Factors such as GDP growth, unemployment rates, and interest rates directly impact consumer behavior and their willingness to invest in insurance products. As the Greek economy continues to recover from the effects of the financial crisis, there is a growing sense of optimism among consumers, leading to increased interest in life insurance as a tool for financial planning and wealth accumulation.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.
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