"Greece Insurance Report Q3 2016" now available at Fast Market Research

Greece's insurance market is showing signs of stabilising as the economy starts to recover and grow again, albeit at a snail's pace. We forecast positive growth in non-life premiums in 2016 and through the remainder of the forecast period, lifted in large part by growth in vehicle ownership and hence new compulsory motor insurance policies. The life sector will remain slightly behind given that it is a discretionary and non-essential item. Over the long-term we expect falling unemployment levels and rising household incomes to gradually support the development of the market, particularly within smaller lines such as health insurance, where density is extremely low at present. However, significant downside risks exist, not least the prospect of further austerity measures, which will eat away at disposable incomes. As a result, interest in the market from multinationals and potential investors will remain muted until more robust signs of recovery are seen.

Key Updates And Forecasts

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- http://www.fastmr.com/prod/1197506_greece_insurance_report_q3.aspx?afid=301

Greece's non-life sector will remain the better performing of the two market segments we monitor, and will be boosted by steady growth in motor vehicle premiums, which will in turn benefit from the expansion of the country's vehicle fleet. We forecast non-life premiums to grow by 1.3% in EUR terms in 2016 and to fall by 2.2% in USD terms. Growth will average 3.3% and 6.3% a year respectively over the forecast period to reach EUR2.5bn (USD3.1bn).

An important driver for the non-life market could be the government's plans to subsidise health insurance coverage for low-income households affected by the recent austerity measures. At present, health insurance is very much a niche product and density is lower than in the majority of Western European countries.

The smaller life insurance market will contract in both local currency and US dollar terms in 2016, with premiums set to fall by 0.9% and 4.3% in EUR and USD terms respectively. However, we see the market's growth prospects improving over the remainder of the forecast period, with premiums forecast to reach EUR1.3bn (USD1.5bn) in 2020.

The Greece Insurance Report has been researched at source and features BMI Research's independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's Greece Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Greek insurance industry.

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