Life insurance - Greece | Statista Market Forecast

The Life insurance market market in Greece is expected to witness significant growth in the coming years.
According to projections, the market size (gross written premium) is set to reach US$2.88bn in 2024.
This indicates a positive trend in the country's insurance sector.
Furthermore, the average spending per capita in the Life insurance market market is estimated to amount to US$280.00 in 2024.
This indicates the level of importance that individuals in Greece place on Life insurance market coverage.
The gross written premium is also expected to show a steady annual growth rate of 3.10% from 2024 to 2029, resulting in a projected market volume of US$3.36bn by 2029.
This growth demonstrates the potential for further expansion and development within the Life insurance market market in Greece.
In comparison to other countries globally, the United States is projected to generate the highest gross written premium in the Life insurance market market, amounting to US$1.3tn in 2024.
This highlights the dominance of the United States in terms of market size and indicates the scale of the industry in the country.
Overall, the Life insurance market market in Greece is expected to experience substantial growth, reflecting the increasing demand for Life insurance market coverage and the potential for further development in the coming years.
Greece's life insurance market is experiencing a significant growth as the population seeks financial security amidst economic uncertainties.

Definition:

Life insurance is a type of financial product that provides financial security for individuals and their families. In simple terms, when you buy a life insurance policy, you pay regular premiums to the insurance company. In return, if you were to pass away while the policy is in effect, your designated beneficiaries receive a lump sum payment, known as the death benefit, which can help them cover living expenses and financial needs. Life insurance is designed to provide peace of mind and support for loved ones in the event of the policyholder's death. Gross written premium (GWP) is the main indicator of the insurance market. It is the total amount of money that an insurance company collects from policyholders for their insurance coverage before deducting expenses or commissions.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, loss ratio – calculated as gross claim payments divided by gross written premium, and the share of insureds in the total population for over 50 countries.

Death benefit insurance
Endowment insurance
Disability insurance
Dowry insurance
Birth insurance
Term life insurance
Whole life insurance
Universal life insurance
Burial insurance
Other types of life insurance

Health Insurance
All non-life insurance types
Reinsurance

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.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

The biggest life insurance market globally is the United States, and it was almost twice as large as the second-biggest market, China. People take out life insurance to financially support their loved ones after their death. The payout is often used to cover funeral expenses, replace income earned by the deceased, or pay for children's education. It can be paid out in a lump sum or as an annuity, which is paid in regular installments for either a specified time or for the lifetime of the beneficiary. In 2022, the United States was the leading life insurance premium writing country, with a total value of life direct premiums written exceeding 600 billion U.S. dollars. The second and third-largest life insurance markets were China and the United Kingdom, respectively.