Greece insurance market
Greece's private insurance market is supervised by the Bank of Greece and represented industry-wide by the Hellenic Association of Insurance Companies (HAIC/EAEE). In 2025, total premium production reached EUR 6.01 billion, up 5.6% year-on-year, with non-life insurance (EUR 3.20 billion, +8.3%) outweighing life insurance (EUR 2.81 billion, +2.7%). Motor insurance (land vehicles plus MTPL) remains the largest single line at about EUR 1.33 billion (+7.3%). According to EAEE's own 2025 survey population, the market comprises 26 Ανώνυμες Ασφαλιστικές Εταιρείες (stock insurers), 1 Αλληλασφαλιστικός Συνεταιρισμός (mutual), 13 branches of foreign insurers and 6 European insurers operating under freedom of services, 46 entities in total, of which the 27 domestically incorporated companies (26 stock insurers plus the mutual) are counted as active domestic insurers and the 13 branches as active EU branches. Separately, the Bank of Greece's own supervisory register recently counted 34 insurance companies with registered seat in Greece and 186 with registered seat in the EU as supervised entities - a broader licensing-register figure that includes companies outside EAEE's survey sample, illustrating that the authorised/licensed count and the EAEE-reporting active count are different populations from different sources. On a final, audited basis the EAEE Annual Statistical Report found that 2024 total premium production reached EUR 5.8 billion, with non-life insurance at EUR 3.08 billion and life insurance at EUR 2.74 billion, a +7.9% increase versus 2023 (superseding an earlier preliminary +8.7%/EUR 5.68bn estimate), with insurance penetration reaching 2.5% of GDP in 2024. For 2023, EAEE's annual report confirmed direct premium of EUR 5.4 billion, an increase of 8.2% compared to 2022, of which EUR 2.54 billion was Life insurance (47%) and EUR 2.86 billion was non-Life. For 2022, EAEE reported direct premium of EUR 4.99 billion, an increase of 4.52% compared to 2021, of which EUR 2.43 billion was Life insurance (48.7%) and EUR 2.56 billion was non-Life (51.3%), with insurance penetration estimated at 2.41% of GDP, a small decrease from 2021's 2.63%. The 2021 total premium, per EAEE's own historical table, was EUR 4,771.5 million, split 50.30% non-life (EUR 2,399.9m) and 49.70% life (EUR 2,371.6m) - materially higher than an earlier, lower EUR 4.26bn figure that had circulated via other sources and that is now understood to be on a different/partial basis; because of this base revision, the exact nominal year-on-year growth rate for 2021 itself cannot be confirmed from the sources reviewed and is left blank rather than restated. The market remains structurally underpenetrated relative to EU peers, reflecting the dominant role of the public social security system and historically low uptake of natural catastrophe and health covers outside compulsory motor third-party liability. The sector has seen notable consolidation, including Piraeus Bank's completed acquisition of Ethniki Insurance in November 2025 and Reale Mutua's acquisition of a majority stake in Ydrogios, alongside continued digitalization and new mandatory natural-catastrophe insurance obligations for businesses with turnover above EUR 500,000 in effect since 1 June 2025 under Law 5116/2024. Interim 2026 data point to continued strong growth: EAEE's monthly survey (26 stock insurers, 1 mutual, 12 branches and 4 FOS insurers, i.e. 43 reporting companies) found total premium production of EUR 3.256 billion in January-June 2026, up 12.1% year-on-year, with life insurance premium of EUR 1.589 billion, up 20.1%, and a rolling 12-month (July 2025-June 2026) growth rate of 10.2%.
Country market
Available products
Market overview
Market numbers
Total premiums
EUR 6.01 billion
Annual growth
Insurance penetration
2.4%
Active insurers
27
Population
10,372,335
Registered vehicles
7,670,256
Total premiums (EUR bn)
- 20256.0 EUR bn
- 20245.8 EUR bn
- 20235.4 EUR bn
- 20225.0 EUR bn
- 20214.8 EUR bn
- 20263.3 EUR bn
2021 — 4.8 EUR bn
2022 — 5.0 EUR bn
2023 — 5.4 EUR bn
2024 — 5.8 EUR bn
2025 — 6.0 EUR bn
2026 — 3.3 EUR bn
Annual growth (%)
Non-life share / Life share
Non-life share
51.2%Life share
48.8%Insurance penetration (%)
Market data by year
Gross written premium 2025 (EUR bn)
- NN Hellas Single-Member Life Insurance S.A. (NN Hellas)1.0 EUR bn
- Ethniki Insurance (Ethniki Hellenic General Insurance Company S.A.)0.8 EUR bn
- Generali Hellas Single-Member S.A.0.6 EUR bn
- Eurolife FFH Single-Member Life Insurance S.A.0.6 EUR bn
- Interamerican Hellenic Insurance Company S.A.0.5 EUR bn
NN Hellas Single-Member Life Insurance S.A. (NN Hellas) — 1.0 EUR bn
Ethniki Insurance (Ethniki Hellenic General Insurance Company S.A.) — 0.8 EUR bn
Generali Hellas Single-Member S.A. — 0.6 EUR bn
Eurolife FFH Single-Member Life Insurance S.A. — 0.6 EUR bn
Interamerican Hellenic Insurance Company S.A. — 0.5 EUR bn
Market share 2025
NN Hellas Single-Member Life Insurance S.A. (NN Hellas)
17.1%Ethniki Insurance (Ethniki Hellenic General Insurance Company S.A.)
13.9%Generali Hellas Single-Member S.A.
10.3%Eurolife FFH Single-Member Life Insurance S.A.
10.3%Interamerican Hellenic Insurance Company S.A.
9.0%Insurer directory
Active insurers
Insurers currently active in Greece.
NN Hellas Single-Member Life Insurance S.A. (NN Hellas)
Kallithea, Greece
NN Hellas is a member of the NN Group and describes itself as the largest multinational insurance company in Greece, offering innovative life and health insurance solutions since 1980.
EUR 1,029.8m
Ethniki Insurance (Ethniki Hellenic General Insurance Company S.A.)
103-105 Syngrou Avenue, Athens, Greece
Ethniki Asfalistiki is one of the most prominent and long-standing companies in the Greek insurance market, founded in 1891 and operating under the legal name The Ethniki, Hellenic General Insurance Company S.A. The company maintains an extensive network of certified insurance intermediaries throughout Greece and serves more than 1.9 million policyholders. Since November 2025, Ethniki Asfalistiki has become part of the Piraeus Bank Group, one of the largest financial organizations in Greece.
EUR 834.6m
Generali Hellas Single-Member S.A.
Athens, Greece
Generali Hellas is a member of the Generali Group, one of the largest global insurance and asset management providers, active in Greece since 1886. It offers a wide range of personal and business insurance products including health, motor, home, life, savings, travel, and liability insurance. The company's own 'at a glance' figures (based on 2024 results) describe it as the 4th largest insurance organization in Greece, while an industry analysis of the 2025 Solvency and Financial Condition Reports reported that Generali rose to 3rd place in the market after 12.1% premium growth that year.
EUR 617.5m
Eurolife FFH Single-Member Life Insurance S.A.
Fairfax Financial Holdings (Canada); Eurobank (Greece) minority shareholder
EUR 616.5m
Interamerican Hellenic Insurance Company S.A.
Athens, Greece
Interamerican was founded in 1969 and since 2001 has belonged to the multinational Achmea group, headquartered in the Netherlands. INTERAMERICAN is a leading insurance company in Greece, offering a diverse range of insurance products and financial services and engaging more than 1M individual & corporate customers.
EUR 540m
Allianz Europaiki Pisti Single-Member Insurance S.A. (Allianz Hellas)
Chalandri, Attica, Greece
Allianz European Reliance (Allianz Greece) is a member of the global Allianz Group and has been active in the Greek private insurance and asset management market since 1991, entering via the acquisition of RAS's portfolio.
EUR 444.5m
ERGO Insurance S.A.
Nea Smyrni (Athens), Greece
ERGO Hellas is one of the leading insurance companies in Greece, a subsidiary of the German ERGO Group, backed by Munich Re. In 2025 the company collected total premiums of €304 million, an increase of 10.8% versus 2024, with a network of over 2,700 partners and more than 1 million insured customers.
EUR 304.1m
Alpha Life Insurance (Alpha Life)
Alpha Bank Group (Greece)
EUR 253.4m
Groupama Insurance S.A.
Nea Smyrni, Athens, Greece
Groupama Asfalistiki is one of the key players in the Greek insurance market, operating since 1928 as a multi-line insurer covering motor, property, health, life, travel, and marine insurance for some 260,000 customers across Greece. Since 2007 it is a 100% subsidiary of the French Groupama Group.
EUR 211.5m
Intersalonika Insurance S.A.
Thessaloniki, Greece
Intersalonika is a leading Greek insurance group headquartered in Thessaloniki, founded in 1978 by Melas Gianniotis. It is the largest insurance group in Northern Greece and one of the largest 100%-Greek-owned insurers in the country by production, offering motor, property, health, life and marine insurance as well as roadside assistance. The group's life and health business is written by a separate subsidiary, Intersalonika Life and Health (Intersalonika Zois), founded in 1988.
EUR 139.0m
Market notes
Important news
Sep 16, 2026
CrediaBank and Europe Holdings boards approve merger agreement, completing key legal steps
The boards of CrediaBank and Europe Holdings approved the merger-by-absorption agreement on 16 September 2026, with the required General Commercial Registry (GEMI) publicity formalities completed the following day; the merger process began on 21 May 2026 with a 30 June 2026 transformation balance-sheet date. Final completion of the merger remains subject to previously announced conditions.
Why it matters
Extends the bank-insurer consolidation wave to a mid-sized challenger bank, creating an integrated bancassurance platform once completed; Europe Insurance reported pre-tax profits of 8.04 million euro for 2025, up 30% year-on-year.
Aug 28, 2026
Law 5327/2026 opens occupational pension funds to smaller firms and self-employed, widening insurers' role
Law 5327/2026, published in the Government Gazette on 28 August 2026, introduces Open Occupational Pension Funds (Anoichta TEA) and Open Occupational Retirement Insurance Products (OAPES), removing the previous 100-employee threshold and allowing insurance companies to participate, following consultation between the Labour Ministry, the Bank of Greece and the Hellenic Association of Insurance Companies (EAEE).
Why it matters
Opens a new complementary-pension distribution channel to insurance companies and expands access for small businesses and freelancers, strengthening private insurers' role in Greece's second-pillar pension system.
Jul 28, 2026
Bank of Greece fines insurance-sector participants 145,875 euro for 2025 violations
The Bank of Greece's 2025 Annual Report on prudential supervision found 13 violations of insurance legislation committed by 11 individuals, one credit institution acting as an insurance intermediary, and one legal entity conducting insurance distribution, resulting in total fines of 145,875 euro; six cases also carried orders to avoid future violations.
Why it matters
Confirms active Bank of Greece enforcement against unauthorised or non-compliant insurance distribution activity, part of a broader 2025 total of 38 supervisory violations across banks, servicers and insurers totalling over 2.27 million euro in fines.
Jul 10, 2026
Law 5317/2026 grants cancer survivors a "right to be forgotten" in credit-linked insurance
Law 5317/2026, published in the Government Gazette on 10 July 2026, transposes EU Consumer Credit Directive (EU) 2023/2225 by banning use of prior cancer-diagnosis data for insurance contracts linked to consumer credit once five years have passed since treatment completion without relapse; the provisions take effect on 20 November 2026.
Why it matters
First Greek legal codification of a cancer 'right to be forgotten' in insurance underwriting, reducing discrimination risk for survivors seeking credit-linked cover and aligning Greece with wider EU consumer-protection trends welcomed by patient groups and insurance-intermediary associations.
Regulation
Regulation
DEEIA / ΔΕΕΙΑ
Bank of Greece - Directorate for the Supervision of Occupational and Private Insurance
Primary prudential and conduct supervisor of Greek insurance and reinsurance undertakings and branches. The supervisory department, originally established as the Department of Private Insurance Supervision (DEIA), was renamed effective 1 January 2025: as the Bank of Greece's own site states, from that date it is renamed the Directorate for the Supervision of Occupational and Private Insurance (DEEIA), reflecting its expanded remit after also taking over supervision of occupational pension funds.
https://www.bankofgreece.gr/kiries-leitourgies/epopteia/epopteia-idiwtikhs-asfalishsHAIC / EAEE
Hellenic Association of Insurance Companies
Industry association that conducts monthly, quarterly and annual statistical surveys of its member insurance companies, publishing the premium production, claims frequency and motor market data used as the main source of Greek market statistics.
https://www.eaee.grAF
Motor Insurers' Guarantee Fund (Auxiliary Fund for Motor Vehicle Accident Liability Insurance)
Statutory legal entity, established originally by Law 489/1976, that compensates road-accident victims when the liable party is unknown, uninsured, or the responsible insurer is in liquidation following licence revocation.
https://www.epikef.grCO
Consumer Ombudsman
Independent administrative authority and certified ADR body for consumer disputes including insurance, established by Law 3297/2004.
https://www.synigoroskatanaloti.grKey legislation
Key legislation
Law 4364/2016 (Government Gazette A 13)
Solvency II transposition - Insurance Regulation Act
Transposes Directive 2009/138/EC (Solvency II) into Greek law; governs the establishment, operation, governance, capital/solvency requirements, and supervision of insurance and reinsurance undertakings in Greece, including group supervision and, following 2025 amendments, digital operational resilience and business continuity requirements.
Law 4583/2018 (Government Gazette A 212)
Insurance Distribution Act
Transposes the Insurance Distribution Directive (EU) 2016/97, harmonizing rules for insurance intermediaries and distribution networks and conduct-of-business requirements; amended in 2025 by Law 5193/2025 to explicitly allow electronic completion of insurance applications alongside paper forms.
Law 2496/1997
Insurance Contract Act
Sets minimum standards governing the rights of insurers and insureds, contract content, disclosure obligations, and cancellation/rescission rights.
Law 489/1976 (as amended)
Establishment of the Motor Insurers' Guarantee Fund
Establishes the compulsory guarantee fund financed by motor liability insurers to compensate victims of accidents caused by unknown, uninsured, or insolvent-insurer vehicles.
Law 5116/2024 (Government Gazette A 100)
Mandatory natural catastrophe insurance for businesses
Introduced mandatory natural disaster insurance (wildfire, flood, earthquake) for businesses with annual gross revenue above a set threshold, covering at least 70% of the value of installations and equipment; implementing joint ministerial decision 96806/2025 set the threshold at EUR 500,000 in annual gross revenue and made the obligation effective from 1 June 2025, excluding non-compliant businesses from state disaster-relief aid.
Law 5193/2025 (Government Gazette A 56, 11 April 2025)
Capital market enhancement law incorporating DORA implementing measures
A broader capital-markets law whose articles 148-152 introduce the national implementing measures for EU Regulation 2022/2554 (DORA - Digital Operational Resilience Act), amending Law 4364/2016 to require insurers and reinsurers to maintain effective governance systems and business-continuity arrangements for ICT and cyber risk; article 85 also allows electronic submission of insurance applications.
EU cross-border access
EU cross-border insurers
Gasanmamo Insurance Limited
Freedom of Services
Home country: Malta
Supervisor: Malta Financial Services Authority
Represented in Greece by ELPA Mesites Asfaliseon AE; a long-standing FoS motor insurer on the Auxiliary Motor Insurance Fund member list.
Insurance JCS DallBogg: Life and Health
Freedom of Services
Home country: Bulgaria
Supervisor: Financial Supervision Commission (Bulgaria)
Was one of the largest FoS motor insurers by policy count in Greece, but its home regulator ordered a halt to new policy issuance across all its FoS markets from 1 July 2025.
Zavarovalnica Triglav d.d.
Freedom of Services
Home country: Slovenia
Supervisor: Insurance Supervision Agency (Slovenia)
Represented in Greece by Apeiron Insurance Project IKE; appears on the Auxiliary Fund's current list of active FoS motor insurers.
ZK Lev Ins AD
Freedom of Services
Home country: Bulgaria
Supervisor: Financial Supervision Commission (Bulgaria)
Bulgarian motor insurer listed on the Greek Auxiliary Fund's roster of active FoS members.
Wakam
Freedom of Services
Home country: France
Supervisor: Autorite de Controle Prudentiel et de Resolution (ACPR, France)
French embedded-insurance carrier listed among the FoS motor liability insurers on the Auxiliary Fund register.
Euro Insurances DAC
Freedom of Services
Home country: Ireland
Supervisor: Central Bank of Ireland
Irish motor insurer offering third-party liability cover in Greece via FoS, listed on the Auxiliary Fund register.
Distribution channels
Share by channel- 58%Insurance Agents & BrokersIntermediaries
- NAK Insurance Brokers (CrediaBank group)
- Amyna Insurance Brokers (CrediaBank group)
- Mega Brokers (Unilink/Acrisure)
- Howden Hellas
- Aon Greece
- Marsh Greece
- KALYPSI (Unilink/Acrisure)
- 30%Bancassurance
- Eurobank / Eurolife FFH
- Piraeus Bank / Ethniki Asfalistiki
- National Bank of Greece / Allianz Hellas (MoU 2026)
- CrediaBank / Europi Insurance (merger agreement approved Sept 2026)
- Alpha Bank Insurance Agents
- 12%Direct Sales & Digital Channels
- Interamerican Direct
- AIG Direct
- Insurance company websites/apps
Some companies appear in more than one channel.
Consumer rights
How to file a complaint- 1
The policyholder must first submit a written complaint (aitiasi) directly to the insurance company, using the procedure published on the insurer's website.
- 2
If the insurer does not respond in time or the response is not adequately justified and the problem persists, the consumer may file a formal complaint (kataggelia) with the Bank of Greece's Directorate for the Supervision of Occupational and Private Insurance (DEEIA), which replaced the former DEIA as of 1 January 2025.
- 3
The Bank of Greece evaluates the complaint only within its supervisory competence; it does not adjudicate individual contractual or claims disputes such as interpretation of policy terms or damages requests.
- 4
For individual contractual disputes, consumers can seek amicable resolution through the Consumer Ombudsman (Synigoros tou Katanaloti), an independent authority for out-of-court settlement, or pursue the matter in the competent courts.
EU cross-border access
EU cross-border access
Insurance undertakings authorised in another EU/EEA member state may operate in Greece either by establishing a branch (freedom of establishment) or by writing business cross-border without a local branch (freedom of services, known locally as EPY). Prudential supervision of these firms remains with the home-state regulator, while the Bank of Greece supervises conduct-of-business rules of general interest applicable in Greece.
EU Directive 2009/138/EC (Solvency II), transposed via Greek Insurance and Reinsurance Law 4364/2016, plus Insurance Distribution Directive (EU) 2016/97 (IDD)
freedom of establishment
An EU/EEA-authorised insurer sets up a branch in Greece; the branch is supervised for solvency by its home-state authority but must comply with Greek consumer-protection and conduct rules.
freedom of services
As of end-2023, 185 insurance undertakings headquartered in other EU member states operated in Greece under freedom of establishment or freedom of services, supervised financially by their home-country authorities. The 2026 case of Bulgaria-based DallBogg, whose licence was revoked by its home regulator after a services-based ban on Greek business, illustrated the practical limits of home-state-only prudential oversight for cross-border policyholders.
Market history
Market history
pre-1990
Foundational Era and Early Market Formation
Greek insurance dates back over 150 years, with Generali entering in 1886 and Ethniki Asfalistiki founded in 1891. A handful of life insurers dominated the market through the 1970s, with the sector deeply tied to national economic development.
1990-2001
Liberalization, Distribution Framework and Pre-Euro Expansion
A 1985 law had already introduced the first regulatory framework for insurance networks, classifying intermediaries into agents, producers and brokers; EU single-market rules then opened the market to foreign entrants ahead of euro adoption in 2002, reshaping a previously fragmented, locally-oriented market.
2002-2010
Euro Adoption, Market Growth and the ASPIS Collapse
The euro was introduced in 2002. In September 2009, the ASPIS PRONOIA group's licences were revoked by the then insurance supervisor after solvency problems, leaving roughly one million policyholders affected in the sector's worst collapse. In July 2010, Law 3867/2010 transferred insurance supervision to the Bank of Greece.
2011-2020
Solvency II, IDD and Post-Crisis Consolidation
The Greek debt crisis pressured insurers' balance sheets and cost structures. The EU Solvency II framework and the 2018 Insurance Distribution Directive (IDD), alongside GDPR, reshaped capital, governance and distribution requirements across the market.
2021-2026
Bancassurance Wave, M&A Consolidation and Mandatory Catastrophe Cover
Greek systemic and challenger banks (Piraeus, Eurobank, National Bank, CrediaBank) acquired or took stakes in major insurers between 2022 and 2026, including Piraeus's completed acquisition of Ethniki Asfalistiki in November 2025, Eurobank's 2026 agreement for full ownership of Eurolife Life, NBG's 2026 MoU with Allianz, and CrediaBank's September 2026 merger agreement with Europe Holdings, approved by both boards but not yet legally completed. Law 5162/2024 introduced mandatory natural catastrophe cover for vehicles and buildings from 2025, and total market premium reached EUR 6.01 billion in 2025.
Glossary
Glossary
el
Ασφάλιστρο
The amount paid by the policyholder to the insurer in exchange for coverage.
el
Ασφαλισμένος
The person or entity covered by an insurance policy who may receive benefits under it.
el
Ασφαλιστική επιχείρηση
A legally licensed company authorised to underwrite insurance and reinsurance risks.
el
Ασφαλιστικός διαμεσολαβητής
A person or firm (agent, broker, or coordinator) that distributes insurance products between insurers and clients.
el
Ασφαλιστικός πράκτορας
An intermediary who represents one or more insurers, often on an exclusive (tied) basis.
el
Μεσίτης ασφαλίσεων
An independent intermediary acting on behalf of the client to source cover across multiple insurers.
el
Διανομέας ασφαλιστικών προϊόντων
The IDD-derived umbrella term covering agents, brokers and other sellers of insurance products.
el
Αστική Ευθύνη (οχημάτων)
Mandatory liability insurance covering damage or injury caused to third parties by a vehicle.
Market notes
FAQ
Market notes
Sources
Last updated: Oct 8, 2026
- 01Bank of Greece - Directorate for the Supervision of Occupational and Private Insurance (DEEIA)
Official insurance supervisory authority; complaint procedures, Solvency II, cross-border rules and enforcement announcements.
- 02Hellenic Association of Insurance Companies (EAEE)
Industry association publishing premium production statistics, distribution-channel surveys and market reports.
- 03Insurance Daily
Greek trade media covering insurer news, distribution statistics and M&A activity.
- 04Consumer Ombudsman (Synigoros tou Katanaloti)
Independent authority for out-of-court resolution of consumer disputes, including insurance.
- 05Capital.gr
Greek business news outlet covering insurance market trends, regulatory announcements and M&A deals.
- 06Insurance World (insuranceworld.gr)
Greek insurance trade publication covering regulatory fines, supervisory actions and market developments.
- 07e-nomothesia.gr
Greek legislative news portal tracking newly published laws affecting insurance and pensions.
- 08Xprimm.com Greece
Regional insurance market intelligence portal with Greek premium production and company statistics.