life insurance in greece, key trends and opportunities to 2018
TRANSCRIPT
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Life Insurance in Greece, Key
Trends and Opportunities
to 2018
Category : Banking & Finance
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Introduction to Report
Launch Date: December 27, 2014
Number of Pages: 257
Geography Coverage: Greece
Available Format: PDF
Price For Single User License: USD 1,950
Price For Site User License: USD 3,900
Price For Global User License: USD 5,850
Delivery Time: Within 24 Hours (During Working Days)
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About the Report
The report provides in-depth market analysis, information and insights into the Greek life insurance segment. Life insurance was the second-largest segment in the Greek insurance industry in 2013, accounting for 40.0% of the industry’s total gross written premiums.
The segment’s value declined at a review-period (2009–2013) compound annual growth rate (CAGR) of -10.5%. The economy depleted after the eurozone debt crisis, due to factors such as a rise in levels of unemployment, decline in income levels and decreasing GDP.
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Key Highlights
The level of awareness of the need for life insurance products in Greece is generally low.
The life insurance penetration rate for the Greek life insurance segment as a percentage of GDP was 0.89% in 2013; much lower than the UK’s 8.7% and Germany’s 3.4%.
The low penetration signifies a highly underpenetrated segment, with a lot of scope for growth. The segment is expected to record a forecast-period (2013–2018) CAGR of 2.9%. Growth will be driven by a gradual recovery in the Greek economy.
The segment is concentrated, with the 10 leading companies accounting for 87.8% of the segment’s gross written premium in 2013.
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Key Highlights Continues…
The population belonging to the 40–64 age group was a significant driver of the life insurance segment during the review period.
The life segment accounted for 40.0% of the overall insurance industry’s gross written premium in 2013.
Agencies emerged as the most popular distribution channel in the life segment. The channel’s share in terms of new business gross written premium by distribution channel declined from 57.2% in 2009 to 56.2% in 2013.
As part of its measures to improve its fiscal position, the government passed Tax Law No.4110 in 2013.
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Key Highlights Continues…
The rise in the number of internet subscribers encouraged many Greek insurers to market their products online.
E-commerce is expected to emerge as the second-fastest-growing distribution channel, registering a forecast-period CAGR of 1.5%.
Life insurers are emphasizing the development of income protection plans with the aim of targeting people who are uncertain about their future income.
Income protection plans act as financial protection to the insured’s family during unforeseen events, such as the sudden death of the policyholder (insured) following an illness or accident.
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Scope
It provides historical values for the Greek life insurance segment for the report’s 2009–2013 review period, and projected figures for the 2013–2018 forecast period.
It offers a detailed analysis of the key categories in the Greek life insurance segment, along with market forecasts until 2018.
It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
It analyses the various distribution channels for life insurance products in Greece.
It profiles the top life insurance companies in Greece and outlines the key regulations affecting them.
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Report Coverage
1. Key Facts and Top Events2. Executive Summary3. Introduction4. Greek Insurance Industry Attractiveness5. Life Insurance Outlook6. Analysis by Distribution Channel7. Governance8. Risk and Compliance9. Competitive Landscape and Strategic Insights10. Appendix – 111. Appendix – 2
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Company Coverage
1. Ethniki 2. Eurolife3. ING Life 4. MetLife Alico Life 5. Interamerican Life 6. Allianz Hellas 7. Axa Insurance8. Groupama Phoenix 9. Generali Hellas 10. Credit Agricole Life
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