Page 33 - Turkinsurance Digital Magazine

30 country profile 31

Age Structure in Greece GDP, comparison by sector Ratio of gross premiums to GDP (%)

4.1%
13.7%
21.1% 0-14 years
16.9% Agriculture
9.7% 15-24 years

25-34 years Industry 2.20%
13.3%
55-64 years 2.10%
Services 2.05%
65 years and over 1.99% 1.98%
42.2% 79.0%

2013 2014 2015 2016 2017

359 USD in 2016. In 2017 it began increasing again with 387
Major agricultural products of Greece include wheat, corn, bar- 47 companies operate in the insurance Life insurance payments, by class,
ley, sugar beet, olive, tomato, wine, tobacco, potato, bovine USD. Ratio of gross premiums compared to the GDP progressed
meat, and dairy products. Tourism, food and tobacco processing, market in parallel with the abovementioned figures: 2.20% in 2013, gross premiums (Millions USD)
textile, chemicals, metals, mining, and petroleum are the most 2.10% in 2014, 1.99% in 2015, 1.98% in 2016, and 2.05%
important industries of Greek economy. Growth of industrial According to 2017 statistics by OECD, 47 companies are op- in 2017.
production is known to stand at 3.5 percent. According to CIA erational in the Greek insurance market. 3 of those companies
Factbook, total labor force in the country consists of 4,769 mil- operate in life segment, 22 operate in non-life segment and 17 Of the 2,109 million life insurance premiums in 2017, 389 mil- 389
lion people, while the unemployment rate stands at 21.5 percent are composite companies that sell products in both segments. In lion USD were written in unit linked life insurance, and 1,720
and inflation at 1.1 percent. 2010, there were 55 markets operating in the market, with 11 million USD were written in other life insurance. On the other
life, 32 non-life and 12 composite companies. The number went hand, total non-life insurance premiums stood at 2,071 million
down to 52 in 2011, with 10 life, 31 non-life and 11 compos- USD; 1,052 million USD of which were written in motor vehicle
31.55 billion USD export volume ite companies. In 2012 there were 53 operational companies, insurance, 446 million USD in fire and other property damage,
which went down to 50 in 2013, 46 in 2014, and 45 in 2016. and 271 million USD in accident and health insurance. Produc- 1.720
Greece has an export volume of 31.55 billion USD and an export tion of other insurance lines were reported as follows: 38 million
volume of 52.27 billion USD. Major export goods include food Premium per capita is 387 USD USD in marine, aviation and other transport insurance, 31 mil-
and beverages, manufactured goods, petroleum products, chemi- lion USD in pecuniary loss insurance, 70 million USD in general
cals, and textile products which are mainly exported to Germany, OECD statistics indicate that as of 2017, gross premiums writ- liability insurance, and 163 million USD in other non-life insur-
Italy, Turkey, Cyprus, Bulgaria and Lebanon. Machinery, trans- ten in Greek insurance market reached 4,202.5 USD. Gross ance. Unit linked Other life insurance
portation equipment, fuels, and chemicals constitute the major premiums stood at 5,405.2 million in 2013 but began going
import products which are mainly bought from Germany, Italy, downwards after that: 5,049.1 million in 2014, 3,962.8 million
Russia, Iraq, South Korea, the Netherlands, France and China. USD in 2015, 3,905.8 million USD in 2016. Average insurance
External debt of Greece is estimated to have increased up to spending per capita was 480 USD in 2013, which began to de- Non-life insurance payments, by class, gross premiums (Millions USD)
506.6 billion USD as of 2017.
crease with 2014: 456 USD in 2014, 361 USD in 2015, and
Average insurance spending per 163
Gross premium production by years capita by years (USD) Motor vehicle insurance
(million USD) 271 Marine, aviation and other transport insurance

5.405,2 480
5.049,1 456 Fire and other property damage insurance
3.962,8 3.905,8 4.202,5 361 359 387 70
31 Pecuniary loss insurance
1,052
General liability insurance
Accident and health
446
Other non-life insurance

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 38