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Greece Insurance Report Q1 2016

Greece Insurance Report Q1 2016

BMI View: Greece's insurance sector will be faced with significant challenges over the coming years as thecountry's economic crisis continues to undermine demand for personal and corporate lines. Weakhousehold spending will remain a primary obstacle for the majority of insurers, particularly providers ofperceived non-essential covers including life and health insurance products. Amid intense price pressuresour expectations are for premiums to grow at a fairly modest pace despite coming from a low base. Whilegrowth will begin to pick up towards the end of the forecast period, we expect there to be relatively fewopportunities for companies to grow their business. On the other hand, continued divestment by localinsurers may create a window for new entrants.

Recent Updates And Developments:

We have revised a number of our premiums growth forecasts for this quarter following furtherdowngrades to our economic outlook for the country. In the life segment we forecast premiums to growby just 0.6% a year on average over 2015-2019 in EUR terms, translating to a contraction of 1.2% y-o-yin USD terms. Growth in non-life premiums will also be weak, with premiums se to grow by 1.6% overthe period in EUR terms and to decline by 0.1% y-o-y in USD terms.

In December 2015, it was reported that banking group NBG was poised to sell at least 75% of its stake inEthniki Insurance as part of a planned divestment of the group's non-banking activities. The companywill also reportedly sell its share in Turkish insurance company Finansbank as well as two otherunnamed overseas assets. The move reflects the continued fragility of Greece's financial sector and thelimited access to capital of the country's banks.


BMI Industry View
Table: Headline Insurance Forecasts (Greece 2012-2019)
SWOT
Insurance
Industry Forecast
Life Premiums Forecast
Table: Life Premiums (Greece 2012-2019)
Table: Life Insurance Claims (Greece 2007-2014)
Non-Life Premiums Forecast
Table: Non-Life Premiums (Greece 2012-2019)
Table: Non-Life Insurance Claims (Greece 2008-2014)
Non-Life Sub-Sector Forecast
Table: Non-Life Insurance Premiums by Product Line (Greece 2012-2019)
Industry Risk Reward Ratings
Emerging Europe Risk/Reward Index
Table: Emerging Europe Insurance Risk/Reward Index
Market Overview
Life Market Overview
The Product Offering
The Competitive Landscape
Non Life Market Overview
The Product Offering
The Competitive Landscape
Company Profile
Achmea
Allianz
Ethniki Insurance
Generali
Groupama
Methodology
Industry Forecast Methodology
Risk/Reward Index Methodology
Table: Indicators
Table: Weighting of Indicators

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