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Published: Jun, 2017 | Pages:
122 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)
Synopsis Timetric's 'Life Insurance in Greece Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Greek life insurance segment, and a comparison of the Greek insurance industry with its regional counterparts. It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011-2015) and forecast period (2015-2020). The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Greek economy and demographics, and provides detailed information on the competitive landscape in the country. The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure. Summary Timetric's 'Life Insurance in Greece, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Greek life insurance segment, including: • An overview of the Greek life insurance segment • The Greek life insurance segment's growth prospects by category • A comprehensive overview of the Greek economy and demographics • A comparison of the Greek life insurance segment with its regional counterparts • The various distribution channels in the Greek life insurance segment • Details of the competitive landscape in the life insurance segment in Greece • Details of regulatory policy applicable to the Greek insurance industry Scope This report provides a comprehensive analysis of the life insurance segment in Greece: • It provides historical values for the Greek life insurance segment for the report's 2011-2015 review period, and projected figures for the 2015-2020 forecast period. • It offers a detailed analysis of the key categories in the Greek life insurance segment, and market forecasts to 2020. • It provides a comparison of the Greek life insurance segment with its regional counterparts • It analyzes the various distribution channels for life insurance products in Greece. • It profiles the top life insurance companies in Greece and outlines the key regulations affecting them. Reasons To Buy • Make strategic business decisions using in-depth historic and forecast market data related to the Greek life insurance segment, and each category within it. • Understand the demand-side dynamics, key market trends and growth opportunities in the Greek life insurance segment. • Assess the competitive dynamics in the life insurance segment. • Identify growth opportunities and market dynamics in key product categories. • Gain insights into key regulations governing the Greek insurance industry, and their impact on companies and the industry's future. Key Highlights • In April 2017, the National Bank of Greece put the stakes of its subsidiary, National Insurance Company of Greece, on sale. • Lack of consumer confidence in banks is expected to decrease demand for bancassurance over the forecast period. • In March 2016, the ongoing eurozone crisis forced the European Central Bank (ECB) to cut the interest rate from 0.05% to 0%, in order to improve the economy. • Debt crises and increases in capital and solvency reserves by the regulator reduced the number of insurers operating in Greece.
Table of Contents
1 KEY FACTS AND HIGHLIGHTS 2 EXECUTIVE SUMMARY 3 ECONOMY AND DEMOGRAPHICS 4 SEGMENT OUTLOOK 4.1 Regional Comparison 4.2 Segment Indicators 4.2.1 Gross written premium and penetration 4.2.2 Policies sold 4.2.3 Claims 4.2.4 Assets and investments 5 OUTLOOK BY SUB-SEGMENT 5.1 Individual Life Insurance 5.1.1 Penetration 5.2 Group Life Insurance 5.2.1 Penetration 6 DISTRIBUTION CHANNEL OUTLOOK 7 COMPETITIVE LANDSCAPE 7.1 Company Profiles 7.1.1 NN Hellenic Life Insurance Co. SA - company overview 7.1.2 The Ethniki Hellenic General Insurance Company SA - company overview 7.1.3 Eurolife ERB Life - company overview 7.1.4 Metlife Alico Life - company overview 7.1.5 Interamerican Life - company overview 8 GOVERNANCE, RISK AND COMPLIANCE 8.1 Legislation Overview and Historical Evolution 8.2 Latest Changes in Regulation 8.3 Legislation and Market Practice by Type of Insurance 8.3.1 Life insurance 8.3.2 Property insurance 8.3.3 Motor insurance 8.3.4 Liability insurance 8.3.5 Marine, aviation and transit insurance 8.3.6 Personal accident and health insurance 8.4 Compulsory Insurance 8.4.1 Workmen's compensation insurance 8.4.2 Motor third-party liability insurance 8.4.3 Air carriers and aircraft operators insurance 8.4.4 Professional indemnity insurance for alternative investment fund managers 8.4.5 Liability for ships with respect to oil pollution 8.4.6 Liability insurance against the transport of hazardous and noxious substances by sea 8.4.7 Professional indemnity for insurance intermediaries 8.5 Supervision and Control 8.5.1 International Association of Insurance Supervisors 8.5.2 European Insurance and Occupational Pensions Authority 8.5.3 Federation of European Risk Management Associations 8.5.4 Department of Private Insurance Supervision 8.5.5 Greek Association of Insurance Companies 8.6 Non-Admitted Insurance Regulations 8.6.1 Overview 8.6.2 Intermediaries 8.6.3 Market practices 8.6.4 Fines and Penalties 8.7 Company Registration and Operations 8.7.1 Type of insurance organization 8.7.2 Establishing a local company 8.7.3 Foreign ownership 8.7.4 Types of license 8.7.5 Capital requirements 8.7.6 Solvency margin 8.7.7 Reserve requirements 8.7.8 Investment regulations 8.7.9 Statutory return requirements 8.7.10 Fee structure 99 8.8 Taxation 8.8.1 Insurance premium or policy taxation 8.8.2 Withholding taxes on premium paid overseas 8.8.3 Corporate tax 8.8.4 VAT 8.8.5 Captives 8.9 Legal System 8.9.1 Introduction 8.9.2 Access to court 8.9.3 Alternative dispute resolution 9 DATABOOK 9.1 Policies and Premium 9.2 Claims and Expenses 9.3 Assets and Investments 9.4 Direct Marketing 9.5 Bancassurance and Other Distribution Channels 9.6 Individual Life Insurance 9.7 Group Life Insurance 9.8 Group Life Insurance by Product 9.9 Individual Life - Single vs. Non-Single Premium 9.1 Group Life - Single vs. Non-Single Premium 9.11 Linked vs. Non-Linked Policies 10 DEFINITIONS AND METHODOLOGY 10.1 Definitions 10.2 Methodology 11 ABOUT TIMETRIC 11.1 Contact Timetric 11.2 About Timetric 11.3 Timetric's Services 11.4 Disclaimer
List of Tables
Table 1: Greek Life Insurance - Key Facts, 2015 Table 2: Greek Life Insurance - Segment Shares of the Top Insurers, 2015 Table 3: Greek Government Credit Ratings Table 4: Greece Life Insurance - GDP Growth Rate (%), 2011-2015 Table 5: Greek Life Insurance - Gross Written Premium (EUR Billion and US$ Billion), 2011-2015 Table 6: Greek Life Insurance - Penetration (%), 2011-2015 Table 7: Greek Life Insurance - Gross Written Premium (EUR Billion and US$ Billion), 2015-2020 Table 8: Greek Life Insurance - Penetration (%), 2015-2020 Table 9: Greek Life Insurance - New Business Direct Written Premium (EUR Million and US$ Million), 2011-2015 Table 10: Greek Life Insurance - New Business Direct Written Premium (EUR Million and US$ Million), 2015-2020 Table 11: Greek Life Insurance - Premium per Capita (EUR and US$), 2011-2015 Table 12: Greek Life Insurance - Premium per Capita (EUR and US$), 2015-2020 Table 13: Greek Life Insurance - Number of Policies Sold (Million), 2011-2015 Table 14: Greek Life Insurance - Number of Policies Sold (Million), 2015-2020 Table 15: Greek Life Insurance - Paid Claims (EUR Billion and US$ Billion), 2011-2015 Table 16: Greek Life Insurance - Paid Claims (EUR Billion and US$ Billion), 2015-2020 Table 17: Greek Life Insurance - Total Assets (EUR Billion and US$ Billion), 2011-2015 Table 18: Greek Life Insurance - Total Assets (EUR Billion and US$ Billion), 2015-2020 Table 19: Greek Life Insurance - Investment Portfolio (EUR Billion), 2011-2015 Table 20: Greek Life Insurance - Investment Portfolio (EUR Billion), 2015-2020 Table 21: Greek Life Insurance - Direct Written Premium by Sub-Segment (EUR Billion), 2011-2015 Table 22: Greek Life Insurance - Direct Written Premium by Sub-Segment (EUR Billion), 2015-2020 Table 23: Greece Life Insurance - Bancassurance Partnerships Table 24: Greece Life Insurance - Key Aggregators Table 25: Greek Life Segment - Market Shares of Leading Insurers (%), 2015 Table 26: NN Hellenic Life Insurance Co. SA - Key Facts Table 27: NN Hellenic Life Insurance Co. SA - Key Financials (EUR Million), 2011-2015 Table 28: The Ethniki Hellenic General Insurance Company SA - Key Facts Table 29: Eurolife Erb Life - Key Facts Table 30: Eurolife Erb Life - Key Financials (EUR Million), 2011-2015 Table 31: Metlife Alico Life - Key Facts Table 32: Metlife Alico Life - Key Financials (EUR Million), 2011-2015 Table 33: Interamerican Life - Key Facts Table 34: Interamerican Life - Key Financials (EUR Million), 2011-2015 Table 35: Greece- Insurance Regulatory Framework Key Features Table 36: Greece- Life Insurance Regulatory Framework Table 37: Greece- Property Insurance Regulatory Framework Table 38: Greece- Motor Insurance Regulatory Framework Table 39: Greece - Liability Insurance Regulatory Framework Table 40: Greece - Minimum Coverage for Aircraft Third-Party Liability Per Accident and Aircraft Table 41: Greece - Corporate Tax Rates for the Financial Year 2017 Table 42: Greek Life Insurance - Policies and Premium, 2011-2015 Table 43: Greek Life Insurance - Policies and Premium, 2015-2020 Table 44: Greek Life Insurance - Claims and Expenses, 2011-2015 Table 45: Greek Life Insurance - Claims and Expenses, 2015-2020 Table 46: Greek Life Insurance - Assets and Investments, 2011-2015 Table 47: Greek Life Insurance - Assets and Investments, 2015-2020 Table 48: Greek Life Insurance - Direct Marketing and E-Commerce, 2011-2015 Table 49: Greek Life Insurance - Direct Marketing and E-Commerce, 2015-2020 Table 50: Greek Life Insurance - Insurance Brokers and Agencies, 2011-2015 Table 51: Greek Life Insurance - Insurance Brokers and Agencies, 2015-2020 Table 52: Greek Life Insurance - Individual Life Insurance, 2011-2015 Table 53: Greek Life Insurance - Individual Life Insurance, 2015-2020 Table 54: Greek Life Insurance - Group Life Insurance, 2011-2015 Table 55: Greek Life Insurance - Group Life Insurance, 2015-2020 Table 56: Greek Life Insurance - Group Life Insurance by Product, 2011-2015 Table 57: Greek Life Insurance - Group Life Insurance by Product, 2015-2020 Table 58: Greek Life Insurance - Individual Life Insurance by Premium, 2011-2015 Table 59: Greek Life Insurance - Individual Life Insurance by Premium, 2015-2020 Table 60: Greek Life Insurance - Group Life Insurance by Premium, 2011-2015 Table 61: Greek Life Insurance - Group Life Insurance by Premium, 2015-2020 Table 62: Greek Life Insurance - Linked vs. Non-Linked Policies, 2011-2015 Table 63: Greek Life Insurance - Linked vs. Non-Linked Policies, 2015-2020 Table 64: Insurance Industry Definitions
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