Market Report, "Greece Insurance Report Q2 2011", published

Fast Market Research recommends "Greece Insurance Report Q2 2011" from Business Monitor International, now available
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Listed Under

* Insurance
* Premiums
* Non-life
* Amounted
* Households
* Density
* Greek
* Can
* H110

* Finance
* Research
* Banking

* Massachusetts - US

Feb. 22, 2011 - PRLog -- Writing in early 2011, our view of the persistently low non-life penetration rate and stubbornly low life density level in Greece has improved as data released by the Private Insurance Supervisory Committee (PISC) show that progress is being made. In the past we have assumed that, compared to other countries with similar per capita income levels, Greek households and businesses misunderstood non-life insurance or did not trust providers.

PISC's data for H110 show that non-life premiums amounted to EUR1,618mn over the six-month period and we estimate that double-digit growth was achieved over the whole year. However, the life segment continues at its sluggish pace. PISC reported that life premiums in H110 amounted to EUR1,229mn and there are signs of a contraction. The main cause of this seems to come from a 19% fall in health insurance. This was offset by a 24% rise in group life premiums. The premiums in the two main lines in the segment, conventional life insurance and unit-linked life, declined by about 4%. At the time of writing, we expect that premiums in H210 were high enough that the segment can match the EUR2,510mn in premiums written in 2009.

Previously we took the view that Greek households with excess savings were inclined to invest their money through vehicles other than life insurance, but we can draw a positive conclusion that Greece's deep economic woes have not been a disaster for the insurance sector. Customers who were using insurance prior to the crisis have continued to do so. The growth in group life premiums suggests that particular corporations may be in a stronger position than before. However, pricing within the industry remains under pressure to decline.

The insurance market is made up of perhaps too many players but this number has dropped recently due to mergers and acquisitions, while some have been closed by the regulatory body. Traditionally there have been insufficiently differentiated products in a country where acceptance of insurance is comparatively low. Greece's insurance sector contains an unusually large number of companies that are affiliated with local banks, including Ethniki, the largest player in both segments, or other corporate groups.

We estimate that in 2010 total premiums amounted to EUR5,759mn, with non-life premiums of EUR3,239mn and life premiums of EUR2,520mn. In 2015, the corresponding figures are forecast to be EUR6,355mn, EUR3,429mn and EUR2,926mn respectively. In terms of the key drivers that underpin our forecasts, we expect non-life penetration to rise from 1.39% of GDP in 2010 to 1.44% in 2015, and for life density to rise from US$286 per capita to US$321 over the same period. BMI's proprietary Insurance Business Environment Rating for Greece is 60.1.

Issues To Watch

Stabilisation Of Life Premiums

Premiums look set to settle further and there have been small signs that there will be see some growth during 2011.

CMTPL Premiums

We would expect momentum to slow as the growth of the non-life segment has been driven by this section of the market, which is the largest and the most developed.

Re-absorption Of Aspis Pronia's Staff By Other Insurers

According to Eurofound, other insurers have tried to find positions for former employees of Aspis Pronia. The extent to which this happens in practice will provide an indication of the optimism of the insurance companies in general about industry prospects.

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Partial Table of Contents:

Executive Summary
- Table: Overview Of Greece's Insurance Sector
- Key Insights On Greece's Insurance Sector
- Issues To Watch
SWOT Analysis
- Greece Insurance Industry SWOT
- Greece Political SWOT
- Greece Economic SWOT
- Greece Business Environment SWOT
MetLife's Acquisition Of ALICO
- Table: ALICO At A Glance
- Table: ALICO's Pre-Tax Profits By Segment And Region Contribution, Year To November 30 2009 (%)
- Table: ALICO - A Market Leader In Japan
- Table: MetLife's Acquisition Of ALICO
- Table: MetLife And ALICO Combined
Central And Eastern European Markets Overview
- Table: Non-Life Segment Premiums In Central And Eastern Europe
- Table: Life Segment Premiums In Central And Eastern Europe
Projections And Forecasts
- Table: Premiums, 2007-2015
- Projections And Drivers Of Growth
- Table: Growth Drivers, 2007-2015
Country Update
- Macroeconomic Outlook
- Table: Greece Economic Activity; 2006-2015
- Political Outlook
Insurance Business Environment Ratings
- Table: Greece's Insurance Business Environment Rating
- Table: Central And Eastern Europe Insurance Business Environment Ratings
Regional Context
- Table: Non-Life Premiums In A Regional Context, 2009
- Table: Life Premiums In A Regional Context, 2009
Major Players In Greece's Insurance Sector
- Table: Ranking By Gross Premiums And Contract Fees, Non-Life Segment, 2009
- Table: Ranking By Gross Premiums And Contract Fees, Life Segment, 2009
- Table: Breakdown Of Non-Life Insurance Premiums And Fees By Line, 2009
- Table: Breakdown Of Life Insurance Premiums And Fees By Line, 2009
Analysis Of Regional Competitive Conditions
Company Profiles
- Local Company Profiles
- Agrotiki/ATE
- EFG Eurolife
- Ethniki
- Phoenix Metrolife
- Regional Company Profiles
- Allianz
- Aviva
- BNP Paribas/Cardif
- Eureko
- Generali
- Groupama
- HDI-Gerling
- KBC Group
- MetLife ALICO
- Prudential Financial
- Vienna Insurance Group
- Zurich
BMI Methodology
- Insurance Business Environment Ratings

Full Table of Contents is available at:

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Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.
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Tags:Insurance, Premiums, Non-life, Pisc, Amounted, Households, Density, Greek, Can, H110
Industry:Finance, Research, Banking
Location:Massachusetts - United States
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