The reinsurance group SRS Group sees growth prospects in the Greek insurance market

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Finding (re)insurance support is not an easy task in this day and age, estimates the SRS Group with a presence in Greece through two of its subsidiaries operating as (re)insurance brokers, with the parent company based in the United Kingdom.

The pandemic, the war that is still ongoing, the inflationary pressures and their consequences in the international economic scene as well as the increased worldwide damages have created “hard” market conditions with increased tariffs and restrictions regarding the desired, for the (re)insurers, risks, SRS Group estimates, pointing out that the only way for the market to manage the situation as it has been formed is good partnerships, teamwork, proper service, finding a (re)insurance solution at the right price.

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The aim of the SRS Group is for its subsidiaries to contribute to the domestic insurance market through their cooperation with all companies in the sector, operating in Greece. Especially for Greece, as the SRS group estimates, the growth prospects of the sector are significant as the low penetration of the insurance sector in the Greek economy, the low loss ratios that characterize the Greek insurance market in combination with the investment prospects in the Greek economy create a setting with many opportunities for businesses in the sector.

SRS focuses on business and industrial risks through partnerships with brokers and insurance companies. As the company’s managing director Konstantinos Antonopoulos has mentioned, the company’s work begins when it is approached by an insurance broker who attempts to place an insurance risk, which usually cannot be easily placed in the local insurance market. Then, it undertakes to find in the international market the (re)insurance solution that the partner is looking for, in order to present it to the insured. When and if the insured gives an insurance order, then it is at the partner’s discretion whether the policy will be issued by a foreign insurance company or a Greek insurance company.

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The brokers/partners of SRS Group of Companies, as they emphasize, usually choose to have the insurance policy issued in Greece and the insurance premiums written in Greece, which is supported by the group, with the aim of further strengthening the long-term relationships they have with insurance companies and helps them grow their production to meet their sales targets. At the same time, through a Greek insurance company, the best service to the insured is ensured. The largest part of the group’s portfolio, according to data, consists of new work for which the (re)insurance solution was found, it is not work transferred from insurance companies and insurance agencies. The group’s expertise is in all branches of civil liability and business and industrial risks. It is worth noting that, just like last year, in 2022 (January – May data) there will be an increase in the production of insurance premiums of the specific sector (15%).

Source: Capital

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