Cargo insurance in Greece down in premiums by 11.4 pct in 2016

Cargo insurance in Greece recorded a reduction in premiums by 11.4 pct in 2016 after two consecutive years of growth (2014: +2.7 pct and 2015: +1.4 pct). In 2016, non-life premium increased by 2.7 pct, Hellenic Association of Insurance Companies said in a report.

The distribution of premium per distribution channel was as follows: independent insurance intermediaries (brokers, agents) accounted for 83.2 pct, tied agency 7.9 pct, direct sales 6.8 pct and bancassurance 2.1 pct.

From the statistical analysis of about 1,500 damages per year, the most commonly reported causes of claims are those of theft and of transport accident. According to the estimates of the chain-ladder method which studies the evolution of the claims, the estimation of outstanding claims is quite satisfactory throughout the considered period. Average claim is estimated at 2,714 euros in 2016, up from 2,482 in 2015. The average claim for the decade 2007-2016 is estimated at 2,880 euros.