The insurance business registered a 4.2% growth in 2022 compared to 2021, bringing sector premiums to €4.8bn, with life and general insurance share of €2.4bn each.

According to the Union of Insurance Companies of Greece, life insurance grew by 5.2%, but due to lower premiums for investment products, sales of which fell by 5.6%, the growth of the sector was limited to 2.2%. 4%. Life insurance premiums were €1.2 billion (up 5.2%), investment programs were €857.8 million (down 5.6%), and a further €342.9 million was added to the sector from group pension plans, which increased by 15.8%.

Life insurance grew at an annualized rate of 5.2%, while group pension plans grew by 15.8%.

General insurance premiums also rose by 6.1% in 2022, with the core auto liability sector advancing marginally by 0.7% to €740.1 million, despite last year’s strong rise in inflation and higher auto parts prices. According to the EAEE, the growth trends were mainly reflected in the sector of additional car insurances, such as glass breaking, theft, etc., whose operations grew by 5.2%, resulting in premiums for additional insurances rising to 250.1 million euros. . an increase in the total insurance premiums of the sector related to car insurance to 990.8 million euros.

A significant increase of 9.9% was also recorded in health insurance premiums of 369.9 million euros, and according to market estimates, the increase was mainly due to an increase introduced by companies and to a lesser extent due to an increase in operations industries. It should be noted that the health sector is the second largest type of general insurance after motor insurance, and the third largest is the fire sector, which increased by 4.7% according to the previous year, bringing the sector’s premiums to 345.4 million euros. Overall, the operations of general industries, excluding automotive, increased by 8.7% to 1.7 billion euros.