Greece

Axco provides details on the life insurance sector including Greek market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

The report describes the public and private healthcare system in Greece, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Axco reports on the three pillars of Greek pension provision.

• State pension benefits including benefit calculations and eligibility criteria 
• Workplace pension provision; types of schemes calculations eligibility and; tax implications
• Voluntary individual pension provision, type of products and tax implications

The Greece report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

• state pensions,
• permanent disability benefit
• occupational accident and disease
• maternity and paternity payments 

In 2020 overall life premiums showed a decrease of 8% compared to 2019, based on the build-up of quarterly figures. There is some distortion of the figures for life sickness riders now reported as non-life, (Class 2), which grew by 9.7% in 2020, according to EAEE.

The breakdown of statistics between group and individual business in 2020 was 89% individual and 11% group life. In 2020 traditional products, that is, whole life, endowment assurance and pure endowments along with other life accounted for 67% of total premiums ....

There had been widespread discussions taking place on the future of pensions systems in Greece, in particular around pillar I contributions. According to market sources the three-pillar system only exists in theory, since an estimated 95% of pensions is pillar I, EFKA schemes, whilst occupational pensions and insured plans are underdeveloped. Employers lack sufficient funds to offer a full range of subsidised benefits to their employees, and so focus on offering life and health benefits which are more immediately appreciated by employees, particularly as state hospitals are considered ....

The public health system in Greece provides free or low-cost healthcare services to residents and their families contributing to the social security system. In practice, however, there is a parallel system in operation, favouring higher paid employees covered by occupational social insurance funds entitling them to a higher and speedier standard of hospital treatment.

The Electronic National Social Insurance Agency (e-EFKA) is the government body operating Greece's national pension and healthcare ....