In 2020, both the total production of insurance premiums and the percentage of investments of insurance companies in GDP increased slightly, according to the data of the annual statistical report “Private Insurance in Greece” for 2020, published today by the Association of Insurance Companies Greece (EAEE).
The pandemic could not leave the insurance market unaffected, as noted by the general director of the Association of Insurance Companies of Greece, Margarita Antonaki, prefacing the statistical report.
As Ms. Antonaki explains, the effects of the pandemic were obvious to the industry, including:
– At operating level: in a very short time we had to change the operating mode and introduce teleworking. We successfully and quickly adapted to the remote work model, staying close to our insured.
– At the level of productive activity: as expected in 2020 it closed with a decline in production by 2.35% compared to 2019.
However, the more modest decrease in the production of insurance premiums in relation to the larger decrease in the country’s GDP resulted in an increase in the contribution of the sector to the Greek economy. Thus in 2020 the share of total premium production on the country’s GDP increased slightly and reached 2.62% (from 2.42% in 2019). Respectively, the percentage of investments of insurance companies in GDP reached 10.1% in 2020, also recording an increase compared to 2019 (8.65%).
Source: ΑΠΕ-ΜΠΕ
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Source From: Capital
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