(chapter drafted by Dr Dimitrios Chatzimichael, Partner, Sofia Getimi and Xenia Lymperopoulou, Senior Associates for Lexology-in Depth on May 14, 2026)
Introduction
Ιnsurance undertakings in Greece are distinguished into those practising life insurance, those practising non-life insurance and the composite ones that practise both (life and non-life) depending on the relevant licence 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 that covers a substantial portion of private insurance activities, such as compensation in the case of an accident at work.1 However, according to a survey conducted by the Hellenic Association of Insurance Companies (HAIC) among its members, the total premium production in 2024 increased by 8.7% compared to the previous year, reaching €5.68 billion. HAIC’s statistics specifically indicate that in 2024 the gross premium production increased by 7.9% in life insurance and by 9.4% in non-life insurance.2
Market data for 2025 suggests that the upward trend has continued. In accordance with the Hellenic Union of Insurance Companies, in 2025 the total premium income reached approximately €6 billion, representing an increase of 5.6% compared to the corresponding period in 2024. Growth was primarily driven by the non-life segment, where premiums increased by 8.3% and totalled €3.2 billion while life insurance premiums amounting to €2.8 billion recorded a more modest increase of 2.7%, reflecting shifts in demand across insurance products.3
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 are a great deal of EU-based entities operating in Greece via the regime of establishment or the freedom of services, and very few examples of non-EEA undertakings that have established a licensed branch in Greece.
Year in review
Regarding the latest developments in (re)insurance law and regulation, Law Νο. 5116/2024, as amended by Law Νο. 5162/2024, introduces compulsory insurance for natural disasters, mandating coverage for all corporations with a gross income of at least €500,000, as well as for all vehicles, regardless of whether they are used for individual or corporate purposes. The relevant implementing provisions entered into force during 2025, including the requirement that vehicles maintain insurance coverage for natural-disaster risks from 1 June 2025, with non-compliance potentially resulting in exclusion from eligibility for state compensation following such events.
Additionally, Law Νο. 5170/2025 (Article 29) revises the methodology for readjusting annual life insurance premiums. It establishes a new index, issued by the Hellenic Statistical Authority, to ensure greater transparency and fairness in premium adjustment. In that regard, Ministerial Decision 74816/2025 (Government Gazette 5170/30.09.2025) was issued, authorising insurance companies to submit the critical data required for the calculation of the premium adjustment index for long-term health insurance policies. However, as of the date hereof, the Hellenic Statistical Authority has not yet published the methodology for the calculation of the index nor has it proceeded with its implementation, and accordingly the process remains pending. Moreover, Law Νο. 5113/2024 transposed Directive (EU) 2021/2118, transposing Directive (EU) 2009/103 on motor third-party liability insurance into Greek law.
In a broader context, various laws have been enacted that indirectly impact the insurance sector. Indicatively, Law Νο. 5162/2024 introduces tax incentives for mergers, while Law Νο. 5111/2024, amending Law Νο. 2251/1994, strengthens consumer protection by implementing price control mechanisms and addressing the issue of notional sales.
In terms of M&As, the most notable transactions include the acquisition of a 90% stake in Ethniki Insurance Undertaking – Greece’s oldest and one of its largest insurance undertakings – by Piraeus Bank which was completed in 2025,4 as well as in the insurance distribution market, the acquisition of Europa Insurance Company Single Member SA by Europe Holdings SA5 and the acquisition of NAK Insurance Brokers by Evropi Holdings.6 M&A activity in the insurance brokerage sector reflects ongoing restructuring and consolidation in the industry.7
On the claims front, the severe storm named “Bora” caused widespread flooding across Macedonia and some Aegean islands in early December 2024, resulting in claims exceeding €18.7 million, as reported by HAIC.8 Similarly, the wildfires that struck Attica in August 2024 led to estimated compensation claims totalling €11.14 million.9
More recently, the storms named “Adel” and “Byron”, which struck Western and Eastern Greece, respectively, in late November and early December 2025, gave rise to a combined total of 2,491 reported claims – 1,282 relating to property insurance (estimated compensation: €9.9 million) and 1,209 relating to motor insurance (estimated compensation: €1.9 million) – bringing the total estimated claims to approximately €11.8 million, as reported by HAIC.10
👉 Read the full publication here: Insurance and Reinsurance Law: Greece – Lexology