EAEE Research: 18.9% increase in premium production of the General Liability sector

The General Liability sector is developing with continuous growth as evidenced by the relevant research carried out by the Association of Insurance Companies of Greece (EAEE).

In particular, the number of contracts in the sector increased by 19.8% in 2021 compared to the previous year. At the same time, the total production of insurance premiums of this sector increased by 18.9% compared to 2020, and is estimated at €123.9 million.

For the specific contracts, the initial assessment of the compensations from the Insurance Companies exceeds €19 million for a total of 6,115 losses declared, an amount which is expected to multiply in the coming years according to the reasonable forecasts for the development of both the compensations and the number of damages.

Regarding the distribution of the number of Civil Liability insurance policies, 52.4% concerned the coverage of general civil liability (hoteliers, manufacturers, industrial risks, etc.), 28.1% the coverage of professional liability (doctors, engineers, lawyers, mediators, accountants, etc.), 14.5% employers’ liability and 5% other coverages.

Commenting on the results of the study, Mr. G. Zorgno, President of the Civil Liability and Professional Liability Committee of EAEE stated: “From 2017 to 2021 the production of the Civil Liability Insurance sector is moving upwards, which proves that more and more professionals are recognizing the importance of liability insurance coverage. This is undeniably positive for the direction of the industry. Of course, there is still a long way to go as there remains a large protection gap in many professional categories, which should be raised and understood on the one hand the responsibilities arising from the exercise of their tasks and how they are protected by the Civil Liability Insurance on the other hand”.

See the EAEE research in the right column Related Files