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Greece Insurance Report Q1 2010
Business Monitor International, Dec 2009, Pages: 53
Greece Insurance Report provides industry professionals and strategists, corporate analysts, insurance associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Greece's insurance industry.
This report differs from its predecessors in several respects. In the analysis of competitive conditions, the authors provide a much more comprehensive ranking of insurance companies in the major segments from the point of view of the organisation that is providing the data (in practice almost always the national insurance regulator or the national insurance trade association). In Greece, for instance, the three largest non-life companies in 2008 – in terms of gross written premiums written – were Ethniki AAEGA, Interamerican EEAZ and Agrotiki Insurance, whose market shares were 13.42%, 5.96% and 5.12% respectively. In the life segment, the leaders in 2008 were Ethniki AAEGA, ALICO and Interamerican Life whose market shares were 21.2%, 11.9% and 11.6%, respectively. Over time, the authors hope to derive insights from observing how market shares change. The report emphasises though, that a decline in share of gross written premiums is not automatically a bad thing and is often the result of a deliberate corporate decision to focus on more profitable business lines.
This report also provides a breakdown of the insurance sector by line – from the point of view of the regulator or the trade association. In Greece, for instance, the largest non-life lines in 2008 were compulsory motor third party liability (CMTPL), fire and diverse risks and land vehicles voluntary insurance (CASCO). These accounted for 45%, 17% and 15%, respectively, of total non-life premiums. Over time, the authors should be able to use this information to bring greater sophistication to the forecasting process.
Writing in November 2009, the authors have been able to ensure that the report includes actual data for 2008. The authors have generally been able to use data that has been published over the course of 2009 to adjust the forecasts for the year as a whole. The authors have also extended the forecasts out to 2014. The authors are expecting total premiums in 2009 of EUR4,914mn. This includes non-life premiums of EUR2,563mn and life premiums of EUR2,351mn. In 2014, the authors expect the corresponding figures to be EUR6,428mn, EUR2,992mn and EUR3,437mn. In terms of the key drivers that underpin the forecasts, the authors are expecting non-life penetration to remain static, remaining at 1.00% across the forecast period. Life density should rise from US$296 to US$377. BMI’s proprietary Insurance Business Environment Rating for Greece is 61.6 out of 100.
This quarter, the report includes a discussion of developments within regional markets – on the basis of results published by major cross-border companies in relation to Q209 and Q309 and the latest information provided by regulators and/or trade associations.
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