Technical Insurance contracts are on the rise in Greece

Technical Insurance contracts are on the rise in Greece
Technical Insurance contracts are on the rise in Greece

In a positive period for the insurance sector in terms of their turnovers, a good wind is also blowing in the Technical Insurance sector. In particular, the number of Technical Insurance contracts for the year 2022 moved up, by 4.1% on an annual basis, according to a survey by the Association of Insurance Companies of Greece (EAEE).

In particular, the survey recorded 26,228 contracts issued in 2022, part of which remained in force in 2023.

At the same time, 2,515 damages were declared, compensations of 3.2 million euros were paid, while a reserve of outstanding compensations of 8.2 million euros was formed.

With reference to the distribution of insurance policies, it appears that the largest participation with a percentage of 43.5% was covered by policies with EEI, MB, CMI coverages.

The second place with the same participation rate of 20% was occupied by the contracts with CAR, EAR coverage and with coverage for Renewable energy sources, while with a participation of 9.3% and 6.7%, respectively, followed by the Other 2022 contracts (including coverage: CPM and CECR) and of short duration starting and ending within 2022 with CAR, EAR coverages.

Regarding the declared losses, the lion’s share was occupied by Other contracts (coverages: CPM and CECR) with a participation rate of 54.3%, followed by contracts with CAR, EAR coverage and contracts with coverage for Renewable energy sources with a percentage of 17, 1%.

The contracts with CAR, EAR coverages took the lead in participation in compensation with a percentage of 54.7%, followed by the contracts with EEI, MB, CMI coverages with a percentage of 23.4%.

The dominant form of intermediation in technical insurance was the non-exclusive cooperation with agents with a percentage of 57.6% of the total production of insurance premiums in the sector, followed by cooperation with insurance brokers with a percentage of 30.5% respectively.

Cooperation with banks ranked third with a percentage of 5.2%, while direct sales participated with a percentage of 4.5%.

The Property, Reinsurance, Transport & Vessels Committee of EAEE, after taking into account the comprehensive information needs of insurance companies active in technical insurance, continued for one more year the systematic collection of industry statistics.

The 2022 survey includes the data of 19 insurance companies with establishment status, which are estimated to collect 95.4% of the total production of insurance premiums for property coverage, among the insurance companies active in Greece.

The article is in Greek

Tags: Technical Insurance contracts rise Greece


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