Greece – Insurance Regulatory and Market Update (July 2025)
(Contribution by Alkistis Christofilou, Partner and Xenia Kretsovali, Associate, published in Thomson Reuters, Regulatory Intelligence, Country update – Greece: Insurance, July 2025)
We are pleased to announce the publication of the Greece Country Update – Insurance on Thomson Reuters, released in July 2025 and prepared by our team under the leadership of Alkistis Christofilou.
This comprehensive update offers a detailed overview of the Greek insurance legal and regulatory framework, as well as recent market trends and structural developments. It reflects the dynamic evolution of the Greek insurance sector, which continues to adapt and thrive amid macroeconomic challenges, post-pandemic recovery, and European legislative developments.
Key Developments Covered in the Update:
- Regulatory Framework:
Greek insurance undertakings operate under a regime aligned with EU law, notably the Solvency II Directive (transposed by Law 4364/2016), the Insurance Distribution Directive (IDD) (via Law 4583/2018), and national accounting standards (under Law 4308/2014).
Foreign insurers from EU/EEA countries may operate in Greece through Freedom of Establishment (FoE) or Freedom of Services (FoS), while third-country insurers may enter the market only via a branch or subsidiary. - Market Structure and Supervision:
As of December 2023, the Bank of Greece supervised 31 insurance companies and 5 mutual cooperatives. The market includes life, non-life, and composite insurers, with 185 EEA branches active in Greece.
Greek insurers have shown strong capital adequacy, with €3.9 billion in own funds (92% Tier 1), €2.1 billion in SCR, and €0.8 billion in MCR, underscoring the market’s stability. - Growth and Investment Trends:
In 2024, premium production rose by 8.7%, reaching €5.68 billion, evenly split between life and non-life. The sector’s assets totaled €21 billion, with significant investments in state and corporate bonds, and unit-linked insurance products.
The share of insurance company investments in Greek GDP stood at 7.64%, reflecting their role as major institutional investors. - Market Dynamics:
The update addresses shifts in distribution channels, including the expansion of bancassurance and digital platforms, as well as M&A activity reshaping the competitive landscape. Key transactions include the acquisition of Ethniki Insurance by Piraeus Bank, and consolidation in the brokerage sector. - Outlook:
While social insurance continues to dominate, private insurance is expected to expand, especially in health and occupational pensions. Market optimism persists, supported by stable GDP growth projections and continued regulatory modernization.
This update contributes to better understanding of the evolving Greek insurance landscape for stakeholders, investors, and market participants. We are proud of our team’s work and their role in delivering this in-depth and timely analysis, which is now available on the Thomson Reuters legal and regulatory intelligence platform.
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