The private insurance sector in Greece has grown significantly over the last decade. Despite that, it is still lagging behind in relation to other European countries, both in terms of participation in GDP (2,03%) and in terms of per capita premiums (which had reached 389,52 € in year 2006). The low penetration of private insurance means that there are margins for significant development over the years to come.

According to data from the Association of Insurance Companies of Greece, 90 insurance companies were in operation in Greece in 2006 of which 17 were involved exclusively in life insurance, 60 in non-life insurance and 13 in both branches (composite insurance companies). The total number has decreased by 5 compared to the previous year (a total of 95 companies operating in 2005).

The evolution of total premiums during the period 2000 – 2006, marks a continuous upward trend, with an average rate of change 8,8%. More specifically for 2006, total premium income amounted to 4.333,5 million €, an increase of 10,45 % compared to 2005, while the corresponding increase in per capita premiums was 10,0%.

During the last 3 years, life insurance sector experiences a continuous upward trend in insurance premium income. In year 2006 life insurance premiums reached 2.273,7 million €, marking an increase of 17,49% over 2005.  
As a result, Life Insurance accounted for 52,50% of total insurance premium income in 2006. Private Insurance business is characterized by a high degree of concentration with the 10 largest companies capturing 86,3% of total premium income.

One problem faced by Life Insurance companies relating to their savings-investment plans is the stamp duty and value added tax, which create a competitive disadvantage for these insurance products compared to other savings-investment products, such as mutual funds, etc. These charges are a counterincentive for life insurance business. The announced abolition of stamp duty as of 1.01.2009 in Life insurance contracts and gradually as of 1.01.2010 an all other insurance contracts will favorably affect the insurance sector.
On the other hand though, there is a tax income exemption for life insurance, amounting to 1.200 I per year per family. Moreover, in life group insurance there is also a similar tax exemption for the employers recognized participation in the premiums, with a maximum of 1.500 € per employee.

The prospects for Insurance business are positive. The state pension system is expected to become more balanced with the added contribution of private insurance through the promotion of complementary pensions that will function as revolving funds. The pension reforms with the introduction of occupational pension funds provided for by Law 3029/2002 are expected to boost Life Insurance. The knowledge, experience and know-how of insurance companies will help them handling the complex problems associated with the management of occupational pension funds, on the condition that the state will create the appropriate legislative and regulative framework.

According to provisional data from the Association of Insurance Companies of Greece for 2007, total life insurance premiums increased by 8% compared to 2006.

Non-life insurance business comprises of numerous product branches which are offered by a large number of companies (60 General Insurers and 13 Composite Insurers).

In 2006 premium income increased by 3,6% compared to 2005 amounting to 2.059,7 million €, accounting for 47,50% of total premium income. Motor vehicle third-party liability insurance accounted for around 45,7% of overall premium income in the non-life business with fire and natural disaster insurance accounting for 16,7%.

Non-life insurance (like Life Insurance) in the Greek market is lagging behind the other European countries and therefore a potential of further growth exists.

Insurance against risk of earthquakes, disruption of economic activity, personal assets and third-party liability in general are areas with potential for growth which are expected to contribute to the development and growth of the market.

AGROTIKI INSURANCE S.A’ s market share during 2006 was 3,8%.

For the year 2007, the Company's Non-life premium income amounted to 119,52 million €, placing it in third position in the Non-Life business with a market share of 5,5%. Life premium income was 62,41 million €, placing the Company in the eleventh position in the market with a market share of 2,5%.