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Greece Insurance Report Q4 2009Published by: Business Monitor International Published: Oct. 1, 2009 - 50 Pages Table of Contents
AbstractThis report was written in early August 2009. Relative to the Q309 report, the main changes have been areview of the company profiles - both local and multinational. We have also included a large quantity ofnew data. In virtually all cases the regulator or the trade association have published final premium figuresfor 2008, which was not necessarily the case in May, when we prepared the Q309 reports. In manyinstances, we have revised our projections of non-life penetration and life density. This is because it hasbecome clear that the linear progressions that we had been expecting for most countries are not anaccurate reflection of what has been happening in recent months. As a consequence, we have muchgreater confidence in our forecasts of premium income for 2009.Early 2009 was in many ways a challenging but far from disastrous period for the major protagonists inmost insurance markets. Notwithstanding the fact that particular non-life markets suffered as a result of aslump in the number of cars registered, and correspondingly lower demand for compulsory third partymotor (CTPM) insurance and voluntary motor insurance, global non-life premiums generally held up wellin spite of the global economic downturn. In contrast, life premiums were, in most markets, lower inQ109 than they had been in Q108. This was largely the result of the past volatility in global equitymarkets, although there were also other problems. Conditions remain fair in the global reinsurancemarket. In terms of the major regions whose insurance markets are covered by BMI’s reports, Latin America andthe Middle East and North Africa stood out in terms of growth in premiums (in non-life insurance inparticular, but also in life insurance). Conditions were far more mixed in Central and Eastern Europe(particularly in non-life insurance, where the downturn in car registrations hit hard) and Asia Pacific,where various factors caused slippage in life premiums in many markets. Get Full Details About This Report >> |
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