General Liability Insurance - Greece

The General Liability Insurance market market in Greece is expected to reach a projected market size (gross written premium) of US$164.40m in 2024.
The average spending per capita in this market is estimated to be US$15.96 in the same year.
With an annual growth rate (CAGR 2024-2029) of 6.55%, the gross written premium is anticipated to result in a market volume of US$225.70m by 2029.
In comparison to global figures, the United States is expected to generate the highest gross written premium of US$178.4bn in 2024.
The demand for General Liability Insurance in Greece is growing due to an increase in litigation cases.

Definition:

General liability insurance is a type of coverage that offers protection to businesses and individuals against financial losses resulting from third-party claims of bodily injury, property damage, or personal injury. When you have general liability insurance, you pay regular premiums to an insurer, and in return, the insurer helps cover legal costs, settlements, and damages if you or your business are found liable for causing harm to others. This insurance is vital for shielding individuals and businesses from the financial repercussions of legal claims and liabilities arising from accidents or incidents that occur on their premises or as a result of their actions.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Liability insurance booked for individuals and businesses

Motor vehicles liability
Aircraft liability
Liability for ships
Reinsurance

The General Liability Insurance market in Greece has been experiencing notable developments in recent years. Customer preferences in the General Liability Insurance market in Greece have been shifting towards more comprehensive coverage options and tailored solutions that meet the specific needs of businesses. Customers are increasingly seeking policies that offer protection against a wide range of risks, including third-party bodily injury, property damage, and legal expenses. This trend is in line with global market preferences, where businesses are becoming more risk-aware and are looking for insurance products that provide extensive coverage. Trends in the General Liability Insurance market in Greece indicate a growing demand for specialized insurance products for industries such as construction, manufacturing, and healthcare. Insurers are responding to this trend by developing industry-specific policies that address the unique risks faced by businesses in these sectors. Additionally, there is a noticeable increase in the adoption of technology in the insurance sector, with more insurers offering online platforms for policy management and claims processing to enhance customer experience. Local special circumstances in Greece, such as regulatory changes and economic fluctuations, have also influenced the General Liability Insurance market. The implementation of new regulations aimed at enhancing consumer protection and increasing transparency in the insurance industry has impacted the way insurers design and market their products. Moreover, economic uncertainties have led businesses to reevaluate their risk management strategies, driving the demand for liability insurance coverage. Underlying macroeconomic factors, including GDP growth, inflation rates, and interest rates, play a significant role in shaping the General Liability Insurance market in Greece. Economic stability and growth can lead to increased business activities and investments, resulting in higher demand for liability insurance. Conversely, economic downturns may prompt businesses to seek insurance coverage as a risk mitigation strategy, contributing to market growth. Overall, the General Liability Insurance market in Greece is evolving in response to changing customer preferences, industry trends, local circumstances, and macroeconomic factors.

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.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.