Life insurance contracts increased in the first half of 2021

The total production of Life Insurance increased in the first half of 2021, according to a survey by the Hellenic Insurance Association.

The increase of the total premium production of the research insurance companies (first half of 2021 / first half of 2020) reached 19.1%, analyzed in an increase of 23.6% of individual insurances and 6.2% increase of group insurance. Also, production from reinsurance amounted to 162 thousand euros (98 thousand euros for individual insurance, 64 thousand euros for group insurance).

Of the total premium production in the first half of 2021, an amount of 455.7 million euros corresponds to the new operations of the sector (of which 413.8 million euros in individual insurance and 41.9 million euros in group insurance) .

The increase of the new operations of the research insurance companies (half of 2021 / half of 2020) reached 48.2%, analyzed in an increase of 57.4% of the individual insurances and 6.0% decrease of the group ones.

Contracts

Of the total new operations, the lump sum payments in the first half of 2021 amounted to 362.5 million euros in total (of which 342.1 million euros in individual insurance and 20.4 million euros in group). Respectively, the lump sum payments in the first half of 2020 were 229.7 million euros in total (of which 197.3 million euros in individual insurance and 32.4 million euros in group insurance).

The increase in the number of contracts, of the research insurance companies, reached 0.5% of the total, due to an increase of 0.45% of individual contracts and 11.9% increase of group contracts.

Finally, the increase in the compensations of the insurance companies of the present research reached 12.9% in total, due to an increase of 5.5% of the indemnities of the individual contracts and 34.3% increase of the indemnities of the group contracts.