Greece Insurance Report Q3 2012

Published : May 2012
No. of Pages : 72

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The Greece Insurance Report considers the prospects for both life and non-life insurers in that country.
The latest statistics from EAEE, the trade association, point to a single-digit contraction in premiums, in both of the main segments, during 2011. However, given the economic, financial and turmoil through much of last year – and which has persisted into 2012 – this is a respectable outcome. Overall profitability has, of course, suffered as the result of the general volatility in financial markets and the need for most insurers to make substantial write-downs in relation to their holdings of Greek government bonds.
BMI remains impressed by the resilience of premiums in the non-life segment. This suggests that – in spite of all the challenges – there are still large numbers of households who can afford to pay for non-life insurance. The limited data published by insurers over the last six months indicates that many companies have lifted profitability levels – thanks to lower claims or reduced operating costs.
The small size of the decrease in premiums in the life segment appears to be even more remarkable. In particular, it appears that premiums have held up much better in Greece than in Portugal, whose current economic and financial situation is (very) broadly similar. Taking the very long view, it is possible that structural reforms that are adopted by (or forced upon) the Greek government result in far greater usage of life insurance as a conduit for retirement savings and/or provision for other eventualities. However, the economic and social turmoil will have to continue for quite a while before that stage is reached.
Over the last quarter, BMI has made the following changes: 􀂃 The trade association’s statistics for 2011, which were published at the end of March 2012, have been incorporated into the analysis.
􀂃 There is a discussion of the results for last year that were released by insurers during Q112. 􀂃 The analysis takes into account BMI’s latest assessment of the unfolding financial, economic and political crisis in Greece.

Executive Summary . 5
Table: Total Premiums, 2009-2016 5
Key Insights And Key Risks 5
SWOT Analysis 7
Greece Insurance Industry SWOT .. 7
Greece Political SWOT .. 8
Greece Economic SWOT 8
Greece Business Environment SWOT 9
Life Sector .. 10
Central And Eastern Europe Life Sector Overview ... 10
Table: Central And Eastern Europe Life Premiums, 2009-2016 .. 10
Greece Life Sector Update 13
Life Insurance Industry Forecast Scenario ... 14
Table: Life Premiums, 2009-2016 14
Growth Drivers And Risk Management Projections . 15
Population ... 15
Table: Insurance Key Drivers – Demographics, 2009-2016 15
Non-Life Sector .. 17
Central And Eastern Europe Non-Life Sector Overview ... 17
Table: Central And Eastern Europe Non-Life Premiums, 2009-2016 .. 17
Greece Non-Life Sector Update 20
Non- Life Industry Forecast Scenario ... 21
Table: Non-Life Premiums, 2009-2016 21
Growth Drivers And Risk Management Projections . 22
Macroeconomic Outlook .. 22
Table: Greece Economic Activity, 2011-2016 .. 24
Political Stability Outlook 24
Table: Europe Security Risk Ratings 26
Healthcare ... 27
Epidemiology ... 27
Table: Insurance Key Drivers – Disability-Adjusted Life Years, 2009-2016 29
Motor ... 30
Insurance Risk/Reward Ratings ... 32
Table: Greece’s Insurance Risk/Reward Ratings . 32
Table: Europe Insurance Risk/Reward Ratings ... 33
Competitive Landscape 34
Major Players In Greece’s Insurance Sector 35
Table: Company Rankings By Gross Premiums And Contract Fees – Non-Life Segment, 2009 .. 37
Table: Company Rankings By Gross Premiums And Contract Fees – Life Segment, 2009 .. 38
Company Profiles .. 39
Local Company Profiles 39
ATE Insurance . 39
EFG Eurolife ... 40
Ethniki.. 41
Groupama Phoenix .. 42
Regional Company Profiles .. 43
AEGON 43
Allianz .. 44
Aviva 46
AXA .. 47
BNP Paribas Cardif . 48
ERGO .. 49
Achmea 51
Generali ... 52
GRAWE 53
Groupama 54
HDI-Gerling/Talanx 55
ING .. 57
KBC Group .. 58
MetLife ALICO 59
Prudential Financial 61
QBE . 62
RSA .. 63
UNIQA . 64
Vienna Insurance Group .. 65
Zurich .. 67
BMI Methodology ... 68
Insurance Risk/Reward Ratings 69
Table: Insurance Business Environment Indicators And Rationale . 70
Table: Weighting Of Indicators 71Table: Total Premiums, 2009-2016. 5

Table: Central And Eastern Europe Life Premiums, 2009-2016 . 10

Table: Life Premiums, 2009-2016 . 14

Table: Insurance Key Drivers – Demographics, 2009-2016 . 15

Table: Central And Eastern Europe Non-Life Premiums, 2009-2016 . 17

Table: Non-Life Premiums, 2009-2016 . 21

Table: Greece Economic Activity, 2011-2016 . 24

Table: Europe Security Risk Ratings . 26

Table: Insurance Key Drivers – Disability-Adjusted Life Years, 2009-2016. 29

Table: Greece's Insurance Risk/Reward Ratings . 32

Table: Europe Insurance Risk/Reward Ratings . 33

Table: Company Rankings By Gross Premiums And Contract Fees – Non-Life Segment, 2009 . 37

Table: Company Rankings By Gross Premiums And Contract Fees – Life Segment, 2009 . 38

Table: Insurance Business Environment Indicators And Rationale . 70

Table: Weighting Of Indicators. 71

Greece Insurance Report Q3 2012

Published By: Business Monitor International

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