Insurance market wanes in Greece

Insurance market wanes in Greece

The number of people who cashed in savings-based insurance policies early reached a record high in 2015, owing to the drop in disposable incomes that led to many being able to keep up with the payments, according to data seen by Kathimerini.

The money insurers paid out last year due to early policy terminations reached 815.5 million euros, the highest in the last eight years.

The drop in insurance activity in recent years, as taxes and unemployment have eaten into household incomes, has resulted in a significant contraction of the insurance market equal to 28 percent from 2008 to 2015.

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