Five insurance companies command 86% of the market in Greece, an increase in health insurance

High concentration characterizes the domestic insurance market. Five major insurance companies own 86% of the marketin terms of technical forecasts.
In terms of registered insurance premiums, the share of the five major insurance companies amounts to 55% in the market. In the meantime, insurance companies with a status of either free establishment (branch) or free provision of services -EPY are gaining ground. The production of health insurance premiums reached 288 million euros in 2022 at a rate of 18% of the entire insurance market.
Trends are increasing led by vehicle liability insurance which in the first half of 2023 rose to 21% from 20% at the end of 2022.

Insurance companies supervised by the Bank of Greece, investments are rising

The production of gross written premiums in life insurance in the first half of 2023 amounted to 1.3 billion euros, increased by 12% compared to the previous year. Of the above amount, 0.5 billion euros concern contracts linked to investments, a percentage of 42% of the total gross written premiums of life insurance activities, compared to 41% in the first half of 2022, recording a significant increase (13%). At the same time, there was a decrease in the gross written premiums of profit-sharing insurances by 7% and an increase in other life insurances by 45%.

Changes in non-life insurance, up 9%

The insurance premiums of non-life insurance activities amounted in the same period to 1.2 billion euros, increased by 9% compared to the first half of 2022. Of this amount, more important shares are represented by civil liability insurances for land vehicles (31%), fire insurances (20%) and hospital expenses insurances (17%), with corresponding changes in premiums compared to the corresponding period of the previous year by +2%, +13% and +11%.

Loss ratio increase, commission ratio decrease

In the first half of 2023, written claims amounted to 0.9 billion euros for life insurance and 0.5 billion euros for non-life insurance, showing a decrease of 2% and an increase of 15% respectively. by losses, the loss ratio of the market on 30.6.2023 amounted to 50% of the corresponding accrued premiums of the same period (compared to 48% on 31.12.2022), while the expense ratio (management and commissions) amounted to 47% (against 48% on 31.12.2022).

Active – Passive

The total assets of insurance companies amounted to 19.5 billion euros on 30.6.2023, increased by 4% compared to 31.12.2022. Accordingly, on 30.6.2023, the total liabilities of insurance companies amounted to 15.6 billion euros (from 15.1 billion euros on 31.12.2022), with the total of technical provisions amounting to 14.2 billion euros for the same period (from 13.7 billion euros on 31.12.2022), Equity of the insurance market amounted to 3.9 billion euros, increased by 8%.

El Ermeidou
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