Property Insurance - Greece | Statista Market Forecast

The Property Insurance market market in Greece is expected to witness significant growth in the coming years.
By 2024, the market size, measured by the gross written premium, is projected to reach US$482.70m.
This indicates a strong demand for insurance coverage in the country.
Furthermore, the average spending per capita in the Property Insurance market market is estimated to be US$46.85 in 2024.
This suggests that individuals in Greece are increasingly recognizing the importance of protecting their properties through insurance.
Looking ahead, the gross written premium is anticipated to exhibit an annual growth rate of -1.89% between 2024 and 2029, resulting in a market volume of US$438.70m by 2029.
This steady growth indicates a positive outlook for the Property Insurance market sector in Greece.
In a global context, it is noteworthy that the United States is projected to generate the highest gross written premium in 2024, amounting to US$240.4bn.
This highlights the significant size and importance of the US Property Insurance market market in comparison to other countries.
Overall, the Property Insurance market market in Greece is poised for growth, driven by increasing awareness and the need for insurance coverage to protect properties.
Greece's property insurance market is experiencing a surge in demand due to increased awareness of natural disaster risks.

Definition:

The property insurance market encompasses insurance products that protect individuals and businesses from financial losses related to damage or loss of property, such as homes, commercial buildings, or personal belongings. Policyholders pay regular premiums to insurance providers, and in return, these insurers offer coverage for events like fire, theft, natural disasters, and other property-related risks. Property insurance is crucial for safeguarding assets and providing financial assistance to repair or replace property damaged or lost due to covered incidents.

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.

Insurance for all damage or loss of property caused by fire and natural forces
Insurance for all damage or loss of property caused by crime

All other insurance types, such as life insurance and health insurance
Reinsurance

Over the past few years, the Property Insurance market in Greece has shown a steady growth trajectory, reflecting a combination of factors that have influenced consumer behavior and market dynamics. Customer preferences in the Property Insurance market in Greece have been shifting towards comprehensive coverage plans that not only protect against traditional risks such as fire and theft, but also offer additional features like natural disaster coverage. This trend is in line with global patterns where customers are increasingly seeking more extensive protection for their properties. Trends in the market indicate a rising demand for digital insurance solutions in Greece, with more insurance companies offering online platforms for policy purchases and claims processing. This shift towards digitalization has not only improved customer convenience but has also allowed insurers to reach a wider audience and streamline their operations more efficiently. Local special circumstances, such as the geographical location of Greece in a seismically active region, have contributed to the growing awareness and uptake of property insurance. The country's exposure to natural disasters like earthquakes has made property owners more conscious of the need for adequate insurance coverage, further driving the market growth. Underlying macroeconomic factors, including the overall economic stability and regulatory environment in Greece, have also played a role in shaping the Property Insurance market. As the economy continues to recover from past challenges, consumer confidence has increased, leading to higher investments in property and subsequently, a greater demand for insurance protection. Overall, the Property Insurance market in Greece is evolving in response to changing customer preferences, technological advancements, local risk factors, and macroeconomic conditions. By adapting to these trends and special circumstances, insurance providers in Greece can better cater to the needs of their clients and ensure sustainable growth in the market.

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.

Berkshire Hathaway, State Farm, and Progressive Corp are just some of the biggest property and casualty insurance companies in the world - all of which hail from the United States. Property and casualty insurance is a type of insurance which covers risks related to loss or damage of property. This type of insurance has two major areas: protection of physical objects and protection against legal liability. In total, the value of gross premiums written by the U.S. property and casualty insurance sector exceeded 850 billion U.S. dollars in 2022. In the same year, 35 percent of the U.S. P&C premiums were written by private passenger auto insurance companies.