The Greece Life and Non-Life Insurance Market is Segmented by Insurance Type (Life Insurance (Endowment, Term Life, Whole Life and More), Non-Life (Motor, Property, Health and More), Distribution Channel (Agents, Brokers, Bancassurance and More), End-Users (Individuals, Sme's and More), Premium Type (Single, Regular), and Region. The Market Forecasts are Provided in Terms of Value (USD).

The Greek life and non-life insurance market, while smaller than many Western European counterparts, exhibits promising growth potential. The period from 2019 to 2024 witnessed a period of recovery following the economic crisis, characterized by increased consumer confidence and a gradual rise in insurance penetration. While precise figures for market size are not provided, leveraging publicly available data on the European insurance market and considering Greece's GDP growth and population demographics, a reasonable estimation for the total market size in 2025 is approximately €8 billion, with the non-life sector slightly larger than the life sector. This is supported by the observation that non-life insurance tends to be more resilient during economic downturns due to its mandatory aspects (e.g., auto insurance). Looking forward to 2033, the compound annual growth rate (CAGR) is a crucial factor determining market expansion. Assuming a conservative CAGR of 3% based on projected Greek economic growth and increasing awareness of insurance products, the market is anticipated to reach approximately €11 billion by 2033. Growth will be driven primarily by an aging population increasing demand for health and long-term care insurance in the life sector, and rising motorization and property values boosting non-life insurance premiums. Regulatory changes aimed at improving market transparency and consumer protection will also contribute to market growth, fostering trust and encouraging greater participation. However, challenges remain; these include persistently high unemployment rates and public debt, which may temper overall market expansion. Furthermore, the industry's digital transformation will be a key driver of success, demanding investments in technology and customer-centric digital platforms. Recent developments include: In 2021, Greek Insurance Conglomerate Ethniki Sold to Private Fund. Through its subsidiaries Garanta and Ethniki Asfalistiki Cyprus, it has a significant and dynamic presence in Romania and Cyprus, respectively. Its growth has attracted the interest of several foreign funds recently. In a statement, CVC Capital announced that it has entered into a definitive agreement to acquire 90.01% of Ethniki Insurance from NBG., In 2020, Generali acquired AXA's Greek activity. The deal includes its activity in life and general insurance policies, and the tag amounts to 12.2 times the price per earnings ratio of 2019. The transaction continues the streamlining policy of the French group based on its general strategy and is expected to be completed in the second quarter of the year, pending approval by the regulatory authorities.. Notable trends are: Penetration Ratio of Insurance Premium and their Investments to GDP Increased Greece Life & Non-Life Insurance Industry Size.

Snapshot img

Greece Life and Non Life Insurance Market Size 2024-2028

The life and non life insurance market in Greece size is forecast to increase by USD 1.33 billion at a CAGR of 4.6% between 2023 and 2028. The market is driven by the digitalization of the insurance industry, with Insurance enterprises integrating IT and analytic solutions to enhance customer experience and streamline operations. The economy and the banking system serve as the main drivers of the market's growth. The integration of digital technology is a significant trend in the market, with insurers like Ethniki and NN Hellenic investing in advanced technologies to improve efficiency and competitiveness. However, data privacy and security concerns pose challenges to the market's growth, as insurers must ensure the protection of sensitive customer information in the digital age. Overall, the Greek insurance market is poised for growth, with digitalization and data security being key areas of focus.

Request Free Sample

The life insurance market in Greece has witnessed significant growth over the past few years. The market, on the other hand, recorded gross written premium of €7.5 billion during the same period. The loss ratio for life insurance stood at 65.5%, while non-life insurance recorded a loss ratio of 72%. The Greek insurance industry is regulated by the Hellenic Financial Stability Fund and industry associations such as Ethniki and NN Hellenic. The economy and banking system play a crucial role in the insurance market's growth. The industry's digital transformation is gaining momentum, with insurers embracing digital insurance to enhance customer experience and streamline operations.

Furthermore, the life insurance industry's major product categories include individual and group life, health, and pension insurance. The penetration rate for life insurance is relatively low at 2.6%, presenting significant growth opportunities. Premium ceded to reinsurers stood at 15% for life insurance and 30% for non-life insurance, with cession rates varying among insurers. Demographics and segment dynamics significantly impact the Greek insurance market. The aging population and increasing awareness of the need for insurance products are driving the growth of the life insurance sector. Competitive advantages include customized solutions, innovative products, and excellent customer service. Data from the National Statistic Offices and the Hellénic Statistical Authority provide valuable insights into the Greek insurance market's trends and developments. The industry's future growth is expected to be driven by a focus on innovation, digitalization, and customer-centricity.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2017-2022 for the following segments.

Type

  Life insurance
  Non-life insurance


Distribution Channel

  Agency
  Direct
  Banks


Geography

  Greece

By Type Insights

The Life insurance segment is estimated to witness significant growth during the forecast period.The life insurance industry in Greece has experienced notable growth in the product category of life insurance policies. This trend can be attributed to the growing recognition of the importance of securing financial security for oneself and one's family. Life insurance policies serve as a vital safety net, providing financial assistance to policyholders' dependents in the unfortunate event of the policyholder's demise. The protection offered by life insurance policies extends to covering outstanding debts such as mortgages, financing children's education, and meeting other financial obligations that can place a significant burden on the family. Furthermore, some life insurance policies offer savings or investment components, enabling policyholders to accumulate wealth over time.

Furthermore, the segment dynamics of the life insurance market in Greece are influenced by various demographic factors and competitive advantages of insurers. Premiums ceded and cession rates continue to shape the market landscape, making it an intriguing area for investment and growth.

Get a glance at the market share of various segments Request Free Sample

The Life insurance segment was valued at USD 2.34 billion in 2018 and showed a gradual increase during the forecast period.

Our market researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Market Driver

Digitalization of insurance industry is the key driver of the market. The insurance sector in Greece has undergone substantial transformation due to digitalization, leading to enhanced convenience, efficiency, and personalized services

The Greece life and non-life insurance market size was valued at USD 2.8 Billion in 2022 and is anticipated to reach USD 4.27 Billion by 2031, expanding at a CAGR of 4.8% during the forecast period between 2023 and 2031. The growth of the market is attributed to the formation of innovative services that address a variety of risks linked with the current market situation in the country.



Life insurance can be described as a contract between an insurance company and a policy holder (insured) that the former promises to pay a beneficiary amount on the demise of the later. Under the contract, a specified sum of money is liable to pay by the company to the family or beneficiary as mentioned in the contract upon the death of the policy holder.

However, non-life insurance is a type of insurance that compensates the insured for financial losses caused by unprecedented events or accidents such as accidental fire. General insurance, property insurance, and casualty insurance are major terms that come under the category of non-life insurance. Any sort of insurance that is not included in life insurance can be classified as non-life insurance. Non-life insurance policies cover a person's finances in the case of a health crisis or asset loss whereas life insurance is related to providing beneficiary amount to the family in the case of the policyholder's death.



The impact of COVID-19 pandemic has been positive on the life and non-life insurance market. Rising awareness related to importance of insurance and its benefit during the ongoing pandemic is expected to spur the market during the projected period.

Greece Life and Non-life Insurance Market Trends, Drivers, Restraints, and Opportunities

• 
  

  Better regulatory policies along with better management of insurance policy claims is one of the key factors driving the market growth.

  
  


• 
  

  Growing working-class population in the country is expected to boost the market in the coming years.

  
  


• 
  

  <span

The Greece Property and Casualty (P&C) insurance market presents a steady growth trajectory, exhibiting a Compound Annual Growth Rate (CAGR) of 3.67% from 2019 to 2024, reaching a market size of €7.60 billion in 2024. This growth is fueled by several key factors. Increased awareness of risk and the growing penetration of insurance products, especially in the burgeoning home and motor segments, are driving demand. Furthermore, a strengthening economy and rising disposable incomes are empowering more individuals and businesses to secure insurance coverage. The market is segmented by insurance type (home, motor, other) and distribution channel (direct, agency, brokers, others). While the direct channel gains traction with technology's advancements, traditional channels like agencies and brokers continue to hold significant market share due to established relationships and trusted advice. Regulatory changes promoting market transparency and consumer protection could further influence the landscape. Competition among major players like Allianz Greece, AXA Greece, and Ergo Insurance, amongst others, remains intense, spurring innovation and service improvements. Looking ahead to 2033, the market is projected to continue its moderate expansion. While the specific market size for 2033 is not provided, extrapolating the CAGR of 3.67% from the 2024 value of €7.60 billion indicates a significant increase in market value over the forecast period. The continued growth will depend on factors such as economic stability, government policies, and the success of insurers in adapting to evolving consumer expectations and technological disruptions. The motor insurance segment is anticipated to remain dominant, given the rising vehicle ownership and usage in Greece. Furthermore, evolving risk profiles (e.g., climate change impacting home insurance) will necessitate adaptation and new product offerings. Recent developments include: December 2022: European Reliance and Allianz Greece announced the formation of an Executive Committee (ExCom) to oversee their joint expansion journey and facilitate the effective integration of the two companies. The composition of the ExCom members has been carefully chosen with the primary goal of ensuring a seamless integration process.., February 2022: The European Commission unconditionally cleared the acquisition of Ethniki Hellenic General Insurance Company S.A. of Greece by CVC Capital Partners SICAV FIS S.A. of Luxemburg. Ethniki offers life and non-life insurance services, insurance distribution, and reinsurance services in Cyprus, Greece, and Romania. CVC and its subsidiaries manage investment funds and platforms and control many companies, including the Hellenic Healthcare Group, which offers private hospital services in Cyprus and Greece.. Notable trends are: Technological Advancements are Driving the Market.

The Property and Casualty Insurance Market in Greece is Segmented by Type (Home, Motor, and Other Types) and by Distribution Channel (Direct, Agency, Bank, and Other Distribution Channels). The Report Offers Market Size and Forecasts for the Greece Property and Casualty Insurance Market in Value (USD) for all the Above Segments.

The Greek life and non-life insurance market, valued at €5.23 billion in 2025, is projected to experience steady growth, driven by factors such as increasing awareness of insurance products, rising disposable incomes, and a growing elderly population necessitating health and long-term care insurance. The market's Compound Annual Growth Rate (CAGR) of 4.6% from 2019 to 2025 suggests consistent expansion, although this rate may be influenced by economic fluctuations and government regulations. The market is segmented by insurance type (life and non-life) and distribution channel (agency, direct, banks). The agency channel currently holds a significant market share, owing to established relationships and personalized service, though digital distribution channels are gaining traction, particularly among younger demographics. Competitive pressures amongst key players like Achmea B.V., Allianz SE, AXA Group, Fairfax Financial Holdings Ltd., and Generali Hellas Insurance Co. S.A. are shaping the market landscape, prompting innovation in product offerings and customer service. Companies are focusing on developing digital platforms, personalized products, and strategic partnerships to improve customer reach and enhance market competitiveness. However, challenges such as economic uncertainty, stringent regulatory frameworks, and increasing competition from new entrants could moderate market growth in the coming years. The forecast period (2025-2033) anticipates sustained growth, albeit at a potentially slightly fluctuating pace, contingent upon macroeconomic conditions and industry-specific trends. The life insurance segment is likely to be fueled by the growing awareness of financial security needs and government initiatives promoting retirement planning. Conversely, the non-life segment's growth might be influenced by factors such as rising property values and increased frequency of extreme weather events. Banks and other financial institutions are expanding their insurance offerings through bundled services, creating challenges and opportunities for traditional insurance distributors. Further growth will likely be influenced by the success of these companies in adapting to evolving consumer expectations and technological advancements. The consistent focus on customer-centric strategies, product diversification, and effective risk management will be crucial for success within this dynamic market.

The size of the Greece Property And Casualty Insurance Market was valued at USD 7.60 Million in 2023 and is projected to reach USD 9.78 Million by 2032, with an expected CAGR of 3.67% during the forecast period. Recent developments include: December 2022: European Reliance and Allianz Greece announced the formation of an Executive Committee (ExCom) to oversee their joint expansion journey and facilitate the effective integration of the two companies. The composition of the ExCom members has been carefully chosen with the primary goal of ensuring a seamless integration process.., February 2022: The European Commission unconditionally cleared the acquisition of Ethniki Hellenic General Insurance Company S.A. of Greece by CVC Capital Partners SICAV FIS S.A. of Luxemburg. Ethniki offers life and non-life insurance services, insurance distribution, and reinsurance services in Cyprus, Greece, and Romania. CVC and its subsidiaries manage investment funds and platforms and control many companies, including the Hellenic Healthcare Group, which offers private hospital services in Cyprus and Greece.. Key drivers for this market are: Digitalization is Driving the Market. Potential restraints include: Economic Disparities are Restraining the Market. Notable trends are: Technological Advancements are Driving the Market.

The statistic presents the value of non-life insurance sector in Greece from 2009 to 2013 and a forecast thereof until 2025, by type. The value of accident and health sector amounted to approximately ***** million U.S. dollars in 2013 and was projected to grow to approximately ****** million U.S. dollars in 2025.

Discover the thriving Greece Property & Casualty Insurance market! This in-depth analysis reveals a €2.4B market with a 4.23% CAGR, driven by rising property values and digitalization. Explore key players, market segments, and future trends impacting Allianz Hellas, ERGO, AXA, and more. Recent developments include: December 2022: Chubb announced it was to launch a new technology services center in Thessaloniki, Greece, in early 2023 to deliver innovative technologies that enhance the customer experience, increase efficiency, and accelerate the company's digital transformation., In June 2023, The Ardonagh Group (Ardonagh) expanded into the Greek market through the acquisition of a controlling interest in SRS Group of Companies (SRS), headquartered in Athens, Greece. SRS operates as an independent wholesale reinsurance broker and an MGA platform within its business portfolio.. Key drivers for this market are: Rising Awareness of Risk Management. Potential restraints include: Rising Awareness of Risk Management. Notable trends are: Rising Internet Penetration and Technological Advancements are Driving the Market.

Greece Property And Casualty Insurance Market size was valued at USD 1.2 Billion in 2023 and is projected to reach USD 1.8 Billion by 2031, growing at a CAGR of 3.67% from 2024 to 2031.

Greece Property And Casualty Insurance Market: Definition/ Overview

Property and casualty (P&C) insurance protects individuals and businesses against financial losses caused by property damage, liability and other unanticipated catastrophes. It often comprises insurance for homeowners, renters, automobiles and businesses, allowing policyholders to recover financially in the event of asset damage or third-party liability. P&C insurance provides security by transferring risks to insurers, enabling individuals and businesses to handle financial uncertainties caused by accidents, disasters, or lawsuits.

The primary uses of property and casualty insurance are to protect personal assets such as homes, vehicles and personal liabilities.

The statistic shows the total value of health insurance benefits paid on the insurance market of Greece between 2008 and 2013. The payments peaked in 2010 at *********** euros. In 2013, circa ************* euros of health benefits were paid by the health insurance providers in Greece.

Discover the booming global life and non-life insurance market! This in-depth analysis reveals a CAGR exceeding 4%, driven by key trends and fueled by technological advancements. Explore market segmentation, regional growth, and top players like Ping An, UnitedHealth, and Allianz. Learn more about future projections and investment opportunities in this dynamic sector. Recent developments include: June 2022: UnitedHealthcare announced the plans of acquiring EMIS Group. The EMIS Group is a leading health technology company based in the UK. The deal is expected to be an all-cash deal of GBP 1.24 billion (USD 1.5 billion)., February 2022: Allianz SE one of the leading insurance company globally announced that is entering into a Share Purchase Agreement (SPA), to acquire 72% of European Reliance General Insurance Company SA ('European Reliance'). European Reliance is one of the leader in the Greek insurance sector with a network of 5,667 agents and 110 retail offices.. Notable trends are: Cyber Insurance is Driving the Market.

Discover the booming global life and non-life insurance market! Explore its projected 4%+ CAGR, key drivers (rising middle class, technological advancements), regional breakdowns (North America, Europe, Asia-Pacific), and leading companies. Get insights into market trends and future growth potential from 2025-2033. Recent developments include: June 2022: UnitedHealthcare announced the plans of acquiring EMIS Group. The EMIS Group is a leading health technology company based in the UK. The deal is expected to be an all-cash deal of GBP 1.24 billion (USD 1.5 billion)., February 2022: Allianz SE one of the leading insurance company globally announced that is entering into a Share Purchase Agreement (SPA), to acquire 72% of European Reliance General Insurance Company SA ('European Reliance'). European Reliance is one of the leader in the Greek insurance sector with a network of 5,667 agents and 110 retail offices.. Notable trends are: Cyber Insurance is Driving the Market.

Greece Financial Liabilities: GG: Flow: SL: Domestic Residents: FC: Insurance Corporations and Pension Funds data was reported at 0.000 EUR mn in Jun 2018. This stayed constant from the previous number of 0.000 EUR mn for Mar 2018. Greece Financial Liabilities: GG: Flow: SL: Domestic Residents: FC: Insurance Corporations and Pension Funds data is updated quarterly, averaging 0.000 EUR mn from Mar 1998 (Median) to Jun 2018, with 82 observations. The data reached an all-time high of 23.190 EUR mn in Mar 2014 and a record low of -15.270 EUR mn in Jun 2014. Greece Financial Liabilities: GG: Flow: SL: Domestic Residents: FC: Insurance Corporations and Pension Funds data remains active status in CEIC and is reported by Bank of Greece. The data is categorized under Global Database’s Greece – Table GR.AB007: ESA 2010: Funds by Sector: General Government: Flow.

Greece Financial Assets: GG: Flow: Insurance, Pension and Standardized Guarantees data was reported at 2.260 EUR mn in Jun 2018. This records an increase from the previous number of 0.650 EUR mn for Mar 2018. Greece Financial Assets: GG: Flow: Insurance, Pension and Standardized Guarantees data is updated quarterly, averaging 0.000 EUR mn from Mar 1998 (Median) to Jun 2018, with 82 observations. The data reached an all-time high of 10.750 EUR mn in Mar 2004 and a record low of -9.610 EUR mn in Sep 2004. Greece Financial Assets: GG: Flow: Insurance, Pension and Standardized Guarantees data remains active status in CEIC and is reported by Bank of Greece. The data is categorized under Global Database’s Greece – Table GR.AB007: ESA 2010: Funds by Sector: General Government: Flow.

Greece Financial Liabilities: GG: Flow: LT: Domestic Residents: FC: Insurance Corporations and Pension Funds data was reported at -117.480 EUR mn in Jun 2018. This records a decrease from the previous number of -104.880 EUR mn for Mar 2018. Greece Financial Liabilities: GG: Flow: LT: Domestic Residents: FC: Insurance Corporations and Pension Funds data is updated quarterly, averaging 23.040 EUR mn from Mar 1998 (Median) to Jun 2018, with 82 observations. The data reached an all-time high of 693.660 EUR mn in Mar 2010 and a record low of -702.920 EUR mn in Dec 2011. Greece Financial Liabilities: GG: Flow: LT: Domestic Residents: FC: Insurance Corporations and Pension Funds data remains active status in CEIC and is reported by Bank of Greece. The data is categorized under Global Database’s Greece – Table GR.AB007: ESA 2010: Funds by Sector: General Government: Flow.

Greece Financial Liabilities: GG: Flow: ST: Domestic Residents: FC: Insurance Corporations and Pension Funds data was reported at 173.090 EUR mn in Jun 2018. This records a decrease from the previous number of 270.750 EUR mn for Mar 2018. Greece Financial Liabilities: GG: Flow: ST: Domestic Residents: FC: Insurance Corporations and Pension Funds data is updated quarterly, averaging 0.100 EUR mn from Mar 1998 (Median) to Jun 2018, with 82 observations. The data reached an all-time high of 703.800 EUR mn in Dec 2011 and a record low of -467.130 EUR mn in Jun 2014. Greece Financial Liabilities: GG: Flow: ST: Domestic Residents: FC: Insurance Corporations and Pension Funds data remains active status in CEIC and is reported by Bank of Greece. The data is categorized under Global Database’s Greece – Table GR.AB007: ESA 2010: Funds by Sector: General Government: Flow.

Greece Financial Assets: GG: Stock: Insurance, Pension and Standardized Guarantees data was reported at 98.130 EUR mn in Jun 2018. This records an increase from the previous number of 96.230 EUR mn for Mar 2018. Greece Financial Assets: GG: Stock: Insurance, Pension and Standardized Guarantees data is updated quarterly, averaging 41.030 EUR mn from Dec 1997 (Median) to Jun 2018, with 83 observations. The data reached an all-time high of 185.520 EUR mn in Sep 2016 and a record low of 1.440 EUR mn in Sep 1998. Greece Financial Assets: GG: Stock: Insurance, Pension and Standardized Guarantees data remains active status in CEIC and is reported by Bank of Greece. The data is categorized under Global Database’s Greece – Table GR.AB008: ESA 2010: Funds by Sector: General Government: Stock.

Greece Financial Liabilities: GG: Stock: Insurance, Pension and Standardized Guarantees data was reported at 38.000 EUR mn in Dec 2017. This stayed constant from the previous number of 38.000 EUR mn for Sep 2017. Greece Financial Liabilities: GG: Stock: Insurance, Pension and Standardized Guarantees data is updated quarterly, averaging 0.000 EUR mn from Dec 1997 (Median) to Dec 2017, with 81 observations. The data reached an all-time high of 542.000 EUR mn in Dec 2011 and a record low of 0.000 EUR mn in Sep 2009. Greece Financial Liabilities: GG: Stock: Insurance, Pension and Standardized Guarantees data remains active status in CEIC and is reported by Bank of Greece. The data is categorized under Global Database’s Greece – Table GR.AB008: ESA 2010: Funds by Sector: General Government: Stock.