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GREECE

Overall premium volume of the Greek insurance market has exceeded 4 billion 439
million USD as of 2018 year-end, with 55 insurance companies in operation. In

recent years, insurance companies are observed to have adopted a more transparent
management structures with stronger capitals, and therefore, the market is expected to
develop further.

Greece is a country located in Southern Europe, with the sea According to the statistics announced by CIA World Factbook,
lying at its heart, and owns 3 thousand islands. Thanks to its 65.14 percent of Greek population is of working age. 13.72 per-
geographical advantage, Greece is one of the leading countries cent consists of children between 0 and 14 years old, and 21.24
around the world in terms of tourism and maritime transporta- percent are elderly population who are at 65 or older. On the
tion. Unlike many other countries, insurance is more developed other hand, 51.2 percent of the population consists of females,
in the life segment, which is one of the most striking features while 48.8 percent are males. Average life expectancy currently
of the Greek insurance market. However, similar to many other stands at 80.8 years. Health expenses amount to 8.1 percent of
countries, motor insurance lines still get the biggest share in the the GDP, while literacy rate stands at 97.7 percent.
market.

After gaining its independence from the Ottoman Empire in 65.14 percent of the population is of
1830, Greece was invaded by Italy and Germany during World
War II. Located in the Southern Europe, the country borders working age
Aegean and Mediterranean Seas with a surface are of 131,957
kilometer squares. The country also borders Albania, Bulgaria, Despite having made some improvements in terms of Gross Do-
Macedonia and Turkey. Greece is dominated by a mild climate. mestic Product and unemployment rates in 2017; the country
The country enjoys the natural resources of lignite, petroleum, still suffers from a high unemployment rate of 21.5 percent due
iron, bauxite, lead, zinc, nickel, magnesite, marble, and salt; in to the economic wounds of recent years. The country currently
addition to its potential for hydro-electrical energy. With a stra- hosts a significant number of immigrants.
tegic location dominating the Aegean Sea and its close proximity
to Turkish straits, Greece is a significant peninsula. Greece's cultural heritage, subsequently large tourism industry,
and prominent shipping sector classify it as a middle power.
Majority of the population resides in
the capital Athens Selected indicators for Greece

Population 10.7 million
The country has a population of 10.7 million and Athens is the GDP Per Capita 27,800 USD
capital and largest city. Greece is a democratic and developed
country with an advanced high income economy, a high quality of Unemployment rate %21.5
life and high standard of living. As a member of the United Na- GDP 299,3 billion USD
tions, Greece joined the Eurozone by becoming the 11th member Inflation rate 1,1%
of the European Union as of 2001. The country is also a member
of many international organizations and communities including Number of active insurace 55
Council of Europe, NATO, OECD, WTO, OSCE and OIF. It has companies as of 2017
the largest economy in the Balkans, and therefore is an impor-
tant investment zone. Source: CIA, Hellenic Associate for Insurance Companies