Insurance & Reinsurance Law – Greece

Insurance & Reinsurance Law – Greece

Published on Lexology In-Depth, June 3

The Greek insurance market has seen substantial growth and significant regulatory changes in 2023, as detailed in a recent Lexology In-Depth article by Dr. Dimitris Chatzimichael, Partner,  Xenia Lymperopoulou, Associate, and Xenia Kretsovali, Associate at Rokas Law Firm. The article distinguishes between life, non-life, and composite insurance undertakings, noting an 8.9% increase in total premium production. Key developments include the adoption of the new Code of Private Maritime Law and notable mergers and acquisitions, such as Reale Group’s acquisition of Ydrogeios Insurance. The role of intermediaries remains pivotal, with the Bank of Greece maintaining its supervisory role. Additionally, the article discusses claims, dispute resolution, and the impact of recent natural disasters on the industry, providing a comprehensive overview of the current state and future prospects of the Greek insurance market.


The insurance undertakings in Greece are distinguished into those practicing life
insurance, those practicing non – life insurance and those, composite ones, which are
practicing both (life and non-life) depending on the relevant license granted by the
supervisory authority, the Bank of Greece (‘BoG’). The Greek insurance market’s
overall gross premium production is significantly lower than the EU average, among
others due to the extensive social security system which covers a substantial portion
of private insurance activities, such as compensation in case of an accident at work.
However, according to a survey conducted by the Hellenic Association of Insurance
Companies (HAIC) among its members, the total premium production in 2023
increased by 8.9 % compared to the previous year, reaching €5,26 billion. HAIC’s
statistics specifically indicate, that in 2023 the gross premium production increased by
5.7 % in life insurance and by 12.1 % in non – life insurance.

The role of insurance intermediaries is very important in the Greek market, as most
insurance policies are concluded through an insurance intermediary, while only a small
percentage is concluded by means of direct sales. There is a notable trend towards
concentration in both markets, of insurance undertakings and insurance
intermediaries. There is an amplitude of EU-based entities operating in Greece via the
regime of establishment or the freedom of services, and some very few examples of
non-EEA undertakings which have established a licensed branch in Greece.

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