( ENGLISH SUPPLEMENT)
Statistical Yearbook for Motor Insurance 2014
Motor insurance statistical yearbook is issued in a new form, updated with the data for 2014. The supervision of the reform was made by a competent Working Group of HAIC’ s Motor Insurance Committee in collaboration with HAIC’ s Research Department while the work of data collection, process and tabulation of the data was completed by HAIC’ s M. I. S. Department.
The yearbook’ s new form is enriched with new data, such as the geographical distribution of claims indicators based on the insureds’ postal address, and features a better data presentation with the use of graphs. This yearbook provides useful and business relevant information to the members of the Association as well as an overview of Greece’ s Motor insurance branch to whom may be interested. The provided data allow the estimation of the technical basis of insurance( claims frequency, average claim cost) per type of vehicle and insurance cover. The data are presented on a yearly basis and are aggregated while neither reference is made in relation to the commercial level of premium rates, nor to the general expenses of the insurance business. Motor insurance is one of the most important insurance branches in
Table 1 The most important financial ratios in motor insurance for all insured vehicles and all covers
Greece. Motor insurance premium represents 59.2 % of Non-life insurance business and 31.2 % of the total premium( Life and Non-Life Insurance), as of 2014. Total premium of motor insurance( which is reported in branches 3. Land vehicles and 10. Motor third party liability- MTPL) for
2014 2013 Claims frequency 9.27 % 9.15 % Claims frequency- MTPL 6.52 % 6.20 % Average claim(€) 1,522 1,550 Average claim(€) – MTPL 1,871 1,953 Loss ratio 42.5 % 56.6 % Loss ratio- MTPL 44.2 % 59.5 %
2014 was € 1.2 billion, decreased by 14.1 % compared to 2013. At the same period, total Non-life business recorded production of 2 billion €, reduced by 10.5 % over the previous year. This Statistical Yearbook contains data for 27 insurance companies, which are estimated to accumulate 91.5 % of the total motor insurance market for 2014.
88( ΑΠΡΙΛΙΟΣ 2016)