Insurance Business Shows Growth in 2023
In the first five months of the year, the insurance business experienced a significant increase of 12.1% compared to the same period in 2023. This growth can be attributed to higher premiums and increased sales of residential and business insurance following the aftermath of Storm Daniel last September.
Total premiums reached 2.3 billion euros, with 1.1 billion euros coming from life insurance premiums and another 1.2 billion euros from general insurance premiums, including health insurance. The spike in health premiums can be attributed to significant advancements made by companies in the sector.
According to data from the Association of Insurance Companies of Greece (EAEE), the accidents sector, which includes hospital programs, saw a 11.8% increase, bringing the total premiums in the sector to 217.3 million euros.
Premiums in the life insurance category, which also includes lifetime health coverage, have seen a notable increase, contributing to the overall growth of the insurance business in 2023.
Increasing Costs in Hospital Policies
In 2024, the costs of legacy hospital policies have seen a significant increase of 6.5%, with some plans even jumping up to 15%. This rise in costs has put a strain on individuals and families relying on these insurance plans for medical coverage.
Rise in Unit Linked Investment Contracts
According to the latest data from EAEE, there has been a notable increase of 38.5% in unit linked investment contracts. The premiums for these contracts have reached a total of €474.4 million, indicating a growing trend towards investment-based insurance products.
