The Greece life and non-life insurance market size was valued at USD 2.8 Billion in 2022 and is anticipated to reach USD 4.27 Billion by 2031, expanding at a CAGR of 4.8% during the forecast period between 2023 and 2031. The growth of the market is attributed to the formation of innovative services that address a variety of risks linked with the current market situation in the country.
Life insurance can be described as a contract between an insurance company and a policy holder (insured) that the former promises to pay a beneficiary amount on the demise of the later. Under the contract, a specified sum of money is liable to pay by the company to the family or beneficiary as mentioned in the contract upon the death of the policy holder.
However, non-life insurance is a type of insurance that compensates the insured for financial losses caused by unprecedented events or accidents such as accidental fire. General insurance, property insurance, and casualty insurance are major terms that come under the category of non-life insurance. Any sort of insurance that is not included in life insurance can be classified as non-life insurance. Non-life insurance policies cover a person's finances in the case of a health crisis or asset loss whereas life insurance is related to providing beneficiary amount to the family in the case of the policyholder's death.
The impact of COVID-19 pandemic has been positive on the life and non-life insurance market. Rising awareness related to importance of insurance and its benefit during the ongoing pandemic is expected to spur the market during the projected period.
Greece Life and Non-life Insurance Market Trends, Drivers, Restraints, and Opportunities
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Better regulatory policies along with better management of insurance policy claims is one of the key factors driving the market growth.
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Growing working-class population in the country is expected to boost the market in the coming years.
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Improvement in distribution channels and innovation in life insurance offerings is anticipated to propel the market during the projected period.
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Lack of trust and mismanagement related to insurance presents a major challenge. This is anticipated to hamper the market growth in the projected period.
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Rising interest in life insurance products among people is projected to create significant growth opportunities for the market in the near future.
Scope of Greece Life and Non-life Insurance Market Report
The report on the Greece life and non-life insurance market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Life and Non-life Insurance Market - Greece Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Distribution Channels (Banks, Direct, Agency, and Others) and Insurance Types (Non-life Insurance [Motor, Home, and Others] and Life Insurance [Group and Individual])
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Country
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Greece
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Eurolife ERB Life Insurance S.A.; Axa S.A.; Ethniki, Hellenic General Insurance Co. S.A.; NN Hellenic Life Insurance Co., S.A.; and ERGO Insurance Company S.A.
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Greece Life and Non-life Insurance Market Segment Insights
Based on distribution channels, the Greece life and non-life insurance market is divided into banks, direct, agency, and others. The banks segment is expected to grow at a rapid pace during the forecast period owing to increased penetration of internet banking and applications across the region. However, the agency segment is anticipated to hold a key share of the market in the coming years due to rising awareness of consumers about insurance policies with the agency assistance.
On the basis of insurance types, the market is bifurcated into non-life insurance and life insurance. The non-life insurance segment is further divided into motor, home, and others, while the life insurance segment is divided into group and individual.
The non-life insurance segment is projected to expand at a considerable CAGR during the forecast period attributed to rising number of policy holders for their car insurance, impacted by increasing production and demand for passenger cars. On the other hand, the life insurance segment is anticipated to account for a major market share during the forecast period due to growing awareness for various policies and benefits related to life insurance.
Segments
The Greece life and non-life insurance market has been segmented on the basis of
Distribution Channels
- Banks
- Direct
- Agency
- Others
Insurance Types
- Non-life Insurance
- Life Insurance
Country
Key Players
Competitive Landscape
Key players competing in the Greece life and non-life insurance market are Eurolife ERB Life Insurance S.A.; Axa S.A.; Ethniki, Hellenic General Insurance Co. S.A.; NN Hellenic Life Insurance Co., S.A.; and ERGO Insurance Company S.A.
As part of their efforts to expand their client base and acquire a competitive advantage over competitors, manufacturers operating in the market have adopted various strategic initiatives such as partnerships, collaborations, and mergers & acquisitions. Moreover, companies are focusing on investment in R&D for development and launching of new products to maintain their competitive positions in the market.
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