Non-life insurances - Greece | Statista Market Forecast

The Non-life insurance market in Greece is projected to reach a market size (gross written premium) of US$2.10bn in 2024.
In the same year, the average spending per capita in the Non-life insurance market in Greece is estimated to be US$204.00.
The gross written premium is expected to grow at an annual rate of 1.07% (CAGR 2024-2029), resulting in a market volume of US$2.22bn by 2029.
When compared to other countries globally, the United States is forecasted to generate the highest gross written premium of US$2.5tn in 2024.
The non-life insurance market in Greece is experiencing a surge in demand due to increased awareness of the importance of insurance coverage in the face of economic uncertainty.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

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, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

Live insurances
Other non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

Amidst the economic landscape of Greece, the Non-life insurances market in the country is experiencing notable trends and developments.

Customer preferences: Customers in Greece are increasingly seeking Non-life insurance products that offer comprehensive coverage at competitive prices. With a growing awareness of the importance of insurance protection, there is a shift towards policies that provide a wide range of benefits, including property, health, and motor insurance. Additionally, customers are showing a preference for insurers that offer efficient claims processing and excellent customer service.

Trends in the market: One prominent trend in the Non-life insurance market in Greece is the increasing digitization of insurance services. Insurers are leveraging technology to streamline processes, enhance customer experience, and offer innovative products. This digital transformation is not only improving operational efficiency but also enabling insurers to reach a wider customer base through online platforms and mobile apps. Another trend is the rising demand for tailor-made insurance solutions, as customers seek personalized coverage that aligns with their specific needs and preferences.

Local special circumstances: The economic challenges faced by Greece in recent years have had a significant impact on the Non-life insurance market. The country's financial instability has led to a greater emphasis on cost-effective insurance options, prompting insurers to offer more value-driven products. Moreover, the regulatory environment in Greece plays a crucial role in shaping the Non-life insurance market, with insurers adapting their strategies to comply with local laws and regulations.

Underlying macroeconomic factors: The overall economic conditions in Greece, such as GDP growth, unemployment rates, and inflation, directly influence the performance of the Non-life insurance market. As the economy continues to recover from past crises, there is a gradual increase in disposable income levels, leading to higher insurance penetration. Additionally, changes in government policies and regulations can impact the insurance sector, creating both challenges and opportunities for insurers operating in Greece.

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.

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