ECONOMY

Insurance sales post rise in first half of year

insurance-sales-post-rise-in-first-half-of-year

Insurance companies in Greece recorded a year-on-year turnover increase of 1.8 percent in the first six months of 2015.

The rise is attributed to sales of health and life insurance programs. An increase in general insurance was seen for the first time in June, halting the downward trend of previous months.

According to data from the Greek Association of Insurance Companies, life insurance turnover was up 15 percent in the first half of 2015 and 2.1 percent in June. Sector activities came to 1.05 billion euros with turnover from general insurance policies at 960 million euros, down 9.1 percent for the first six months but up 2.8 percent in June.

The decline in general insurance was attributed to cheaper car insurance, which makes up the lion’s share of the general insurance sector.

Investment products attracted interest as a safe haven for bank deposits. This resulted in life insurance turnover rising 5.4 percent on the same time last year. Turnover in investment plans went up by 45.2 percent and in health products by 25 percent.

Fire insurance and additional asset insurance turnover fell 1.9 percent for the same period. Increased turnover was also posted in policies for general liability (4.6 percent), financial loss (4.8 percent), goods transportation (5 percent) and loans (5.2 percent).