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Published: Jun, 2017 | Pages:
154 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)
Synopsis Timetric's 'Non-Life Insurance in Greece Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Greek non-life insurance segment, and a comparison of the Greek insurance industry with its regional counterparts. It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, 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, explains the various types of natural hazard and their impact on the Greek insurance industry, 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 'Non-Life Insurance in Greece, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Greek non-life insurance segment, including: • The Greek non-life segment outlook by product category • A comprehensive overview of the Greek economy and demographics • A comparison of the Greek non-life insurance segment with its regional counterparts • The various distribution channels in the Greek non-life insurance segment • Detailed analysis of natural hazards and their impact on the Greek insurance industry • Details of the competitive landscape in the non-life insurance segment in Greece • Details of regulatory policy applicable to the Greek insurance industry Scope This report provides a comprehensive analysis of the non-life insurance segment in Greece: • It provides historical values for the Greek non-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 non-life insurance segment, and market forecasts to 2020. • It provides a comparison of the Greek non-life insurance segment with its regional counterparts • It analyzes the various distribution channels for non-life insurance products in Greece. • It analyzes various natural hazards and their impact on the Greek insurance industry • It profiles the top non-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 non-life insurance segment, and each category within it. • Understand the demand-side dynamics, key market trends and growth opportunities in the Greek non-life insurance segment. • Assess the competitive dynamics in the non-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 Insurance Company of Greece (Ethniki Hellenic Insurance Company) was put up for sale by its parent organization, the National Bank of Greece. • On February 22, 2017, a new circular was imposed, under which insurance classes like aviation (hull and machinery), marine (hull and machinery) including yachts, were exempted from insurance premium tax. • In January 2017, the Bank of Greece proposed a new compensation mechanism for victims of traffic accidents by drivers insured with license-revoked companies. • On July 16, 2015, the standard insurance premium tax rate on all non-life insurance products (except fire) was increased from 10% to 15%. • Rains and tornados during October 20-23, 2015 led to compensation payments of EUR10.8 million (US$12 million).
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 Profitability 4.2.5 Assets and investments 5 OUTLOOK BY CATEGORY 5.1 Property Insurance 5.1.1 Product overview 5.1.2 Premium 5.1.3 Policies sold 5.1.4 Claims 5.2 Motor Insurance 5.2.1 Product overview 5.2.2 Premium 5.2.3 Policies sold 5.2.4 Claims 5.2.5 Profitability 5.3 Liability Insurance 5.3.1 Product overview 5.3.2 Premium 5.3.3 Policies sold 5.3.4 Claims 5.4 Marine, Aviation and Transit Insurance 5.4.1 Product overview 5.4.2 Premium 5.4.3 Policies sold 5.4.4 Claims 6 DISTRIBUTION CHANNEL OUTLOOK 6.1 Brokers 6.2 Agencies 6.3 Direct marketing 6.4 Bancassurance 6.5 E-commerce 7 NATURAL AND MAN-MADE HAZARDS 7.1 Flooding 7.2 Earthquakes 7.3 Wildfires 7.4 Extreme Temperatures 7.5 Strikes and Riots 7.6 Storms 7.7 Exposure 8 COMPETITIVE LANDSCAPE 8.1 Company Profiles 8.1.1 The Ethniki Hellenic General Insurance Company SA - company overview 8.1.2 Ergo General Insurance Company SA - company overview 8.1.3 European Reliance - company overview 8.1.4 Allianz Hellas - company overview 8.1.5 Axa - company overview 9 GOVERNANCE, RISK AND COMPLIANCE 9.1 Legislation Overview and Historical Evolution 9.2 Latest Changes in Regulation 9.3 Legislation and Market Practice by Type of Insurance 9.3.1 Life insurance 9.3.2 Property insurance 9.3.3 Motor insurance 9.3.4 Liability insurance 9.3.5 Marine, aviation and transit insurance 9.3.6 Personal accident and health insurance 9.4 Compulsory Insurance 9.4.1 Workmen's compensation insurance 9.4.2 Motor third-party liability insurance 9.4.3 Air carriers and aircraft operators insurance 9.4.4 Professional indemnity insurance for alternative investment fund managers 9.4.5 Liability for ships with respect to oil pollution 9.4.6 Liability insurance against the transport of hazardous and noxious substances by sea 9.4.7 Professional indemnity for insurance intermediaries 9.5 Supervision and Control 9.5.1 International Association of Insurance Supervisors 9.5.2 European Insurance and Occupational Pensions Authority 9.5.3 Federation of European Risk Management Associations 9.5.4 Department of Private Insurance Supervision 9.5.5 Greek Association of Insurance Companies 9.6 Non-Admitted Insurance Regulations 9.6.1 Overview 9.6.2 Intermediaries 9.6.3 Market practices 9.6.4 Fines and Penalties 9.7 Company Registration and Operations 9.7.1 Type of insurance organization 9.7.2 Establishing a local company 9.7.3 Foreign ownership 9.7.4 Types of license 9.7.5 Capital requirements 9.7.6 Solvency margin 9.7.7 Reserve requirements 9.7.8 Investment regulations 9.7.9 Statutory return requirements 9.7.10 Fee structure 131 9.8 Taxation 9.8.1 Insurance premium or policy taxation 9.8.2 Withholding taxes on premium paid overseas 9.8.3 Corporate tax 9.8.4 VAT 9.8.5 Captives 9.9 Legal System 9.9.1 Introduction 9.9.2 Access to court 9.9.3 Alternative dispute resolution 10 DATABOOK 10.1 Policies and Premium 10.2 Claims and Expenses 10.3 Assets and Investments 10.4 Property Insurance 10.5 Property Insurance by Product 10.6 Motor Insurance 10.7 Motor Insurance by Product 10.8 Liability Insurance 10.9 Marine, Aviation and Transit Insurance 11 DEFINITIONS AND METHODOLOGY 11.1 Definitions 11.2 Methodology 12 ABOUT TIMETRIC 12.1 Contact Timetric 12.2 About Timetric 12.3 Timetric's Services 12.4 Disclaimer
List of Tables
Table 1: Greek Non-Life Insurance - Key Facts, 2014 Table 2: Greek Non-Life Insurance - Segment Shares of the Top Insurers, 2015 Table 3: Greek Government Credit Ratings Table 4: Greek Non-Life Insurance - Gross Written Premium (EUR Billion and US$ Billion), 2011-2015 Table 5: Greek Non-Life Insurance - Penetration (%), 2011-2015 Table 6: Greek Non-Life Insurance - Gross Written Premium (EUR Billion and US$ Billion), 2015-2020 Table 7: Greek Non-Life Insurance - Penetration (%), 2015-2020 Table 8: Greek Non-Life Insurance - Premium per Capita (EUR and US$), 2011-2015 Table 9: Greek Non-Life Insurance - Premium per Capita (EUR and US$), 2015-2020 Table 10: Greek Non-Life Insurance - Number of Policies Sold (Million), 2011-2015 Table 11: Greek Non-Life Insurance - Number of Policies Sold (Million), 2015-2020 Table 12: Greek Non-Life Insurance - Paid Claims (EUR Million and US$ Million), 2011-2015 Table 13: Greek Non-Life Insurance - Paid Claims (EUR Million and US$ Million), 2015-2020 Table 14: Greek Non-Life Insurance - Profitability Ratio (%), 2011-2015 Table 15: Greek Non-Life Insurance - Profitability Ratio (%), 2015-2020 Table 16: Greek Non-Life Insurance - Total Assets (EUR Billion and US$ Billion), 2011-2015 Table 17: Greek Non-Life Insurance - Total Assets (EUR Billion and US$ Billion), 2015-2020 Table 18: Greek Non-Life Insurance - Investment Portfolio (EUR Billion), 2011-2015 Table 19: Greek Non-Life Insurance - Investment Portfolio (EUR Billion), 2015-2020 Table 20: Greek Non-Life Insurance - Direct Written Premium by Category (EUR Billion), 2011-2015 Table 21: Greek Non-Life Insurance - Direct Written Premium by Category (EUR Billion), 2015-2020 Table 22: Greek Property Insurance - Direct Written Premium by Sub-Category (EUR Million), 2011-2015 Table 23: Greek Property Insurance - Direct Written Premium by Sub-Category (EUR Million), 2015-2020 Table 24: Greek Property Insurance - Number of Policies Sold by Sub-Category (Million), 2011-2015 Table 25: Greek Property Insurance - Number of Policies Sold by Sub-Category (Million), 2015-2020 Table 26: Greek Property Insurance - Paid Claims (EUR Million and US$ Million), 2011-2015 Table 27: Greek Property Insurance - Paid Claims (EUR Million and US$ Million), 2015-2020 Table 28: Greek Motor Insurance - Direct Written Premium by Sub-Category (EUR Million), 2011-2015 Table 29: Greek Motor Insurance - Direct Written Premium by Sub-Category (EUR Million), 2015-2020 Table 30: Greek Motor Insurance - Number of Policies Sold by Sub-Category (Million), 2011-2015 Table 31: Greek Motor Insurance - Number of Policies Sold by Sub-Category (Million), 2015-2020 Table 32: Greek Motor Insurance - Paid Claims (EUR Million and US$ Million), 2011-2015 Table 33: Greek Motor Insurance - Paid Claims (EUR Million and US$ Million), 2015-2020 Table 34: Greek Motor Insurance - Loss Ratio (%), 2011-2015 Table 35: Greek Motor Insurance - Loss Ratio (%), 2015-2020 Table 36: Greek Liability Insurance - Direct Written Premium by Sub-Category (EUR Million), 2011-2015 Table 37: Greek Liability Insurance - Direct Written Premium by Sub-Category (EUR Million), 2015-2020 Table 38: Greek Liability Insurance - Number of Policies Sold (Million), 2011-2015 Table 39: Greek Liability Insurance - Number of Policies Sold (Million), 2015-2020 Table 40: Greek Liability Insurance - Paid Claims (EUR Million and US$ Million), 2011-2015 Table 41: Greek Liability Insurance - Paid Claims (EUR Million and US$ Million), 2015-2020 Table 42: Greek Marine, Aviation and Transit Insurance - Direct Written Premium by Sub-Category (EUR Million), 2011-2015 Table 43: Greek Marine, Aviation and Transit Insurance - Direct Written Premium by Sub-Category (EUR Million), 2015-2020 Table 44: Greek Marine, Aviation and Transit Insurance - Number of Policies Sold (Thousand), 2011-2015 Table 45: Greek Marine, Aviation and Transit Insurance - Number of Policies Sold (Thousand), 2015-2020 Table 46: Greek Marine, Aviation and Transit Insurance - Paid Claims (EUR Million and US$ Million), 2011-2015 Table 47: Greek Marine, Aviation and Transit Insurance - Paid Claims (EUR Million and US$ Million), 2015-2020 Table 48: Greek Average Annual Loss by Hazard, 1990-2014 Table 49: Greek Non-Life Segment - Market Shares of Leading Insurers (%), 2015 Table 50: The Ethniki Hellenic General Insurance Company SA - Key Facts Table 51: Ergo General Insurance Company SA - Key Facts Table 52: Ergo General Insurance Company SA - Key Financials (US$ Million), 2011-2015 Table 53: European Reliance - Key Facts Table 54: Allianz Hellas - Key Facts Table 55: Axa Insurance Company - Key Facts Table 56: Greece- Insurance Regulatory Framework Key Features Table 57: Greece- Life Insurance Regulatory Framework Table 58: Greece- Property Insurance Regulatory Framework Table 59: Greece- Motor Insurance Regulatory Framework Table 60: Greece - Liability Insurance Regulatory Framework Table 61: Greece - Minimum Coverage for Aircraft Third-Party Liability Per Accident and Aircraft Table 62: Greece - Corporate Tax Rates for the Financial Year 2017 Table 63: Greek Insurance Industry - Policies and Premium, 2011-2015 Table 64: Greek Insurance Industry - Policies and Premium, 2015-2020 Table 65: Greek Non-Life Insurance - Claims and Expenses, 2011-2015 Table 66: Greek Non-Life Insurance - Claims and Expenses, 2015-2020 Table 67: Greek Non-Life Insurance - Assets and Investments, 2011-2015 Table 68: Greek Non-Life Insurance - Assets and Investments, 2015-2020 Table 69: Greek Non-Life Insurance - Property Insurance, 2011-2015 Table 70: Greek Non-Life Insurance - Property Insurance, 2015-2020 Table 71: Greek Non-Life Insurance - Property Insurance by Product, 2011-2015 Table 72: Greek Non-Life Insurance - Property Insurance by Product, 2015-2020 Table 73: Greek Non-Life Insurance - Motor Insurance, 2011-2015 Table 74: Greek Non-Life Insurance - Motor Insurance, 2015-2020 Table 75: Greek Non-Life Insurance - Motor Insurance by Product, 2011-2015 Table 76: Greek Non-Life Insurance - Motor Insurance by Product, 2015-2020 Table 77: Greek Non-Life Insurance - Liability Insurance, 2011-2015 Table 78: Greek Non-Life Insurance - Liability Insurance, 2015-2020 Table 79: Greek Non-Life Insurance - Marine, Aviation and Transit Insurance, 2011-2015 Table 80: Greek Non-Life Insurance - Marine, Aviation and Transit Insurance, 2015-2020 Table 81: Insurance Industry Definitions
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