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Greece Insurance Report Q4 2017

Greece Insurance Report Q4 2017

BMI View: Despite facing significant economic challenges, we expect Greece's insurance market to see agradual recovery over the forecast period to 2021, in line with the wider strengthening of the Greekeconomy as well as consumer and business confidence. We expect most areas of the market to strengthen asunemployment begins to fall, leading to a gentle uptick in household spending. We believe this environmentwill create opportunities for local insurers after several years of stagnant growth, with opportunities fornew business within basic lines such as motor vehicle and property insurance. Meanwhile, the government'songoing austerity programme and the stripping back of state welfare provision will create longer-termopportunities in discretionary lines such as life and health insurance, though these markets are currently ata low level of development compared with other EU nations.

Key Updates And Forecasts

In June 2017, the National Bank of Greece (NBG) completed the sale of its majority holding in insurancesubsidiary Ethniki Insurance. The deal, which has been under discussion for several months, saw NGBdivest 75% of its holding in Ethniki to Dutch-US consortium Calamos-Exin for a reported EUR718mn.NGB's decision is part of the Bank's strategy to dispose of non-core assets and focus on domestic bankingoperations in line with the conditions set for it by creditors.


BMI Industry View
Table: Headline Insurance Forecasts (Greece 2014-2021)
SWOT
Insurance
Industry Forecast
Life Premiums Forecast
Table: Life Premiums (Greece 2014-2021)
Table: Life Insurance Claims (Greece 2009-2015)
Non-Life Premiums Forecast
Table: Non-Life Premiums (Greece 2014-2021)
Table: Non-Life Insurance Claims (Greece 2010-2015)
Non-Life Sub-Sector Forecast
Table: Non-Life Insurance Premiums By Product Line (Greece 2014-2021)
Insurance Risk/Reward Index
Emerging Europe Insurance Risk/Reward Index
Table: Emerging Europe Insurance Risk/Reward Index, Q4 2017
Market Overview
Life Market Overview
Product Offering
Competitive Landscape
Non-Life Market Overview
Product Offering
Competitive Landscape
Company Profile
Achmea
Allianz
Ethniki Insurance
Generali
Groupama
Methodology
Industry Forecast Methodology
Sector-Specific Methodology
Risk/Reward Index Methodology
Table: Indicators
Table: Weighting of Indicators

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