Premium production in Greek insurance market up 1.4 pct in Q1

Premium production in the Greek insurance market grew 1.4 pct in the first quarter of 2017, compared with the same period last year, remaining on a growth course after a 4.6 pct growth rate recorded in 2016, official figures showed on Wednesday.

Hellenic Association of Insurance Companies, in a report, analyzing first quarter results by 50 insurance companies (representing 97.2 pct of the Greek market), said the Life insurance premium production grew 3.5 pct in the January-March period compared with the same period in 2016, while non-life eased 0.6 pct.

During the first quarter of 2017, premium for accident contracts fell 3.2 pct, sickness rose 11.1 pct, motor vehicle liability fell 4.7 pct and assistance fell 6.9 pct.

Life insurance linked to investments jumped 65.3 pct in the January-March period, while management of group pension funds rose 29.3 pct.

Dimitris Mazarakis, president of the Association, commenting on the results said “this small but significant increase confirmed Greek citizens’ turn towards private insurance”.