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32 country profile

Age Structure in Greece GDP, comparison by sector

4,1%

13,7% 0-14 years
21,1% 16,9%

9,7% 15-24 years
25-54 years
13,3%
55-64 years

42,2% 65 years and over 79,0%

Service sector in Greece accounts for 79.1 percent of the GDP, Greek economy. Country’s major agricultural products include
while the remaining 16.9 percent is generated in the industry, wheat, corn, barley, sugar beet, olive, tomato, wine, tobacco,
and 4.1 percent in the agriculture sectors. Today, maritime potato, bovine meat and dairy products.
transportation is one of the most important sectors for the Insurance activities in Greece
Greek economy. The sector currently constitutes 4.5 percent of
the overall GDP on its own, and is able to pay for 33 percent of According to Hellenic Associate for Insurance Companies, 55
Greek’s entire foreign debt. However, tourism sector accounts insurance companies operate in Greek insurance market.
for 18 percent of the GDP on its own, and has the power of clos-
ing 60 percent of country’s trade deficit. It is also the number As to the weight of segments, life segment dominates the market
one sector among Greek’s extraneous income sources. with a share of 52.4 percent in overall premium volume, and
non-life segment gets 47.6 percent.
Tourism revenues constitute a major OECD’s statistics indicate that insurance premiums have been
resource for Greece declining for the last 7 years. Accordingly, insurance market
premiums stood at 6,884 million USD in 2011 and began de-
In addition to being an important maritime country; food and to- clining in 2012 with 5,781 million USD. The decline continued
bacco business, textile, chemicals, metal products, mining, and in 2013, when the premiums went down to 5,405 million USD.
petroleum are the other sectors making major contributions to In 2014, premium production stood at 5,049 million USD; but

Shares of life and non-life branches Shares of insurance branches in Greece

1,8%
1,8% Motor vehicle liability
3,7% 6,3% Fire and natural forces
4,6%
Land vehicles
47,6 5,2% 49,2% Other damages to property
10,0% Assistance
52,4
General civil liability
17,3% Legal expenses

Accidents
Other

Life Non-life