ECONOMY

Insurance showing resilience

Greece’s insurance brokers said yesterday that annual turnover rose by an annual pace of almost 10 percent in 2008, despite the onset of the global crisis, adding that early indications for the year are positive. The Hellenic Insurance Broker Association (SEMA) said published data from the country’s 15 largest insurance agencies showed a 9.4 percent year-on-year increase in sales last year from 2007. Revenue gains reported by each of the insurance agencies ranged from 4 to 38 percent, added SEMA, with the majority of turnover coming from fire and car insurance contracts. «The insurance brokers sector is showing to be successfully responding to the crisis, judging by the financial data in 2008,» said SEMA’s president Giorgos Karavias. «The first signs for 2009 show that figures in the industry are continuing to move upward,» he added. Annual sales increases of fire and car insurance agreements in 2008 reached 30 and 26 percent respectively, while turnover in life insurance jumped up to 170 percent.