The Greek insurance market is growing, albeit slowly, Allianz said in its “Allianz Global Insurance Markets Report 2019” released on Thursday.
The report said that insurance premium production globally rose 3.3 pct to 3,655 billion euros in 2018, with growth falling in China while US and Japan recorded strong growth. In Western Europe, an increase is recorded in the property and damages sector while the life insurance sector returned to pre-crisis levels. In Greece, premium production growth continued for the third year in a row, but the growth rate was low. Premium production (property and life insurance) grew 1.0 pct in 2018, after increases of 1.8 pct in 2017 and 8.2 pct in 2016. Life insurance premium production edged 0.1 pct up, while property production rose 1.9 pct in 2018. The report said that despite the fact that premium production grew for the third successive year, the Greek insurance market still has a long way to go to reach its pre-crisis levels of 2009. Total premium production is 28 pct down. The report said it would take another nine years to fully replace losses in the market. Allianz said the Greek market lags behind the rest of Europe in insurance density (premium production per capita 349 euros) and insurance penetration (premium production as a percentage of GDP 2.1 pct), in comparison with European averages of 2,395 euros and 6.5 pct respectively. The report said premium production should grow strongly, almost at 4.0 pct annually, given the economic momentum of the country.