The Greek insurance market: size, companies, regulation

At a glance

€1.23 billion was the motor insurance premium of the whole Greek market in 2024. The 24 companies that send detailed figures to the insurers’ association hold an estimated 92.7% of it¹.
6,376,065 vehicles were insured by those 24 companies. Their premiums, about €1.14 billion, give about €179 per vehicle a year, before taxes¹.
61.5% of motor premiums went back in claims in 2025, at the companies with a Greek licence. In 2022 it was 52.3%².
97.92 was the price index for transport insurance in December 2025, with the 2015 average at 100³.
No authority approves prices. Greek law says each company sets its own prices, and its terms and prices need no prior approval⁴.

The point

This page maps who sells car insurance in Greece, what the average vehicle pays, how much goes back in claims, and who checks what. Each figure comes from a public report: the yearbook of the insurers’ association, the statistics of the Bank of Greece, the reports that each company publishes, and the law. One point first: the supervisor checks whether a company can pay, not what it charges⁴.

How big the market is

Two public figures measure car insurance in Greece. They do not agree, and the gap tells you something useful.

The first comes from the Hellenic Association of Insurance Companies. Every autumn it publishes its Statistical Yearbook of Motor Insurance. The 2024 edition gives €1.23 billion in premiums for the whole market, 5.12% more than in 2023. That total includes firms established here and firms that sell under freedom of services and use the services of the association. The detailed tables come from 24 companies, with an estimated 92.7% of the market¹.

The second comes from the Bank of Greece. Each year it publishes the figures that companies with a Greek licence send it, in the template that European law sets. For 2024 it gives €766 million in motor third-party liability and €290 million in the other motor covers, such as comprehensive, fire, theft and glass. The total is €1.06 billion. For 2025 the total rose to €1.17 billion².

Why does the Bank of Greece see less? Because its figures cover only the companies with a Greek licence². A company licensed in another EU country can sell in Greece and reports to the supervisor at home. Hellas Direct is incorporated in Cyprus and regulated by the Cyprus Superintendent of Insurance. It reported €99.7 million of motor premiums in Greece for 2025⁵.

Beyond cars, the yearbook gives two more numbers. In 2024, motor insurance was 40% of non-life premiums and 21.1% of all life and non-life premiums. Non-life premiums came to €3.08 billion¹.

Who sells car insurance

Our companies page lists twenty companies. They do not all reach you in the same way.

Online. Hellas Direct sells direct to the customer through its website and a customer service centre in Athens, and since April 2019 also through intermediaries. It was established in 2011, and has had a branch in Greece since September 2014⁵.

Other companies on our list. They include Allianz Europaiki Pisti, Atlantiki Enosi, Ethniki Asfalistiki, Eurolife FFH, Europe Insurance, ERGO, Generali Hellas, Groupama, Interamerican, INTERASCO, Interlife, INTERSALONIKA, Minetta, Personal Insurance, Syndea and Ydrogios. Ask each company, or an agent or a broker, how you can get a quote.

How large is each one in car insurance? The Solvency and Financial Condition Report (SFCR) of each company says so. Allianz Europaiki Pisti reported €175.8 million in motor premiums for 2023⁶. Interamerican reported €144.4 million for 2024⁷. Hellas Direct reported €99.7 million in Greece for 2025⁵, and INTERSALONIKA €92.4 million for 2024⁸. Personal Insurance reported €7.9 million for 2024⁹. The insurer size comparison puts them side by side.

Names change. On 31 May 2023, the merger of Allianz Hellas with Europaiki Pisti was completed⁶. If your old policy says Europaiki Pisti, the company today is Allianz Europaiki Pisti.

Who supervises and what it checks

The Bank of Greece supervises the insurance companies with a Greek licence. A 2010 law abolished the Private Insurance Supervisory Committee and gave its work to the Bank of Greece¹⁰. The Bank of Greece checks three things that matter to you.

First, whether the company has enough capital. Law 4364/2016 brought the European Solvency II system into Greek law. The capital a company must hold is set so that it can survive a very bad year: the law calibrates it at a confidence level of 99.5% over one year, about one bad year in two hundred¹¹. The solvency ratio is the capital the company holds divided by the capital it needs. At 100% it sits exactly at the limit. In the reports we read, the ratio was 127.44% at Hellas Direct for 2025, 143.2% at Allianz Europaiki Pisti for 2023, 148% at Eurolife for 2025, and 209.52% at INTERSALONIKA for 2024⁵⁶¹²⁸.

Second, whether it publishes what it must. Every company publishes its SFCR once a year, with its business, its risks, its capital and its solvency requirement¹³. It is the only public source that gives premiums and claims per company.

Third, whether its terms and prices follow the law. Here the law draws a clear line. Each company sets its own prices freely, and its terms and prices are not subject to prior approval by any authority⁴. That is why the price of each company has to be read company by company.

Two more mechanisms work beside the Bank of Greece. The Auxiliary Fund (Επικουρικό Κεφάλαιο) pays people injured in motor accidents when the person liable stays unknown, when the vehicle was uninsured, or when the insurer has gone into winding-up¹⁴. For an unknown vehicle, it pays for damage to property only when there were also deaths or injuries that needed at least five days in hospital¹⁴. Since 2024 it also pays people who live in Greece and are injured in Greece when the insurer, Greek or from another EU state, is bankrupt or in winding-up, at least up to the compulsory limits¹⁴. Friendly Settlement (Φιλικός Διακανονισμός, Σ.Α.Π.) is an agreement between the companies themselves. After an accident that is not your fault, your own company pays you instead of the insurer of the driver at fault¹⁵.

What the average vehicle pays

The most useful figure in the yearbook is a fraction. The 24 companies in its tables hold about 92.7% of €1.23 billion, so about €1.14 billion, and they insured 6,376,065 vehicles in 2024¹. The fraction gives about €179 a year per vehicle. The figure is before the taxes and levies that the owner pays on top.

The fraction hides large differences. Of the 6.38 million vehicles, 4,143,523 were private passenger cars and 1,051,597 private motorcycles. Private trucks and farm trucks came to 750,452, and taxis to 15,354¹. A single average across all of them says little about your own car.

It also hides the split between covers. The Bank of Greece shows that in 2025, €827 million of the €1.17 billion was third-party liability². So seven euros in ten went to the compulsory cover. The other covers came to €233 million in 2022 and to €342 million in 2025, a rise of 46% in three years². Drivers in Greece buy more cover for their own car, not only for the other driver’s.

How much car insurance in Greece costs breaks the figures down further.

Where your money goes

Of every €100 of motor premium, how much goes back in claims? The Bank of Greece answers for the companies with a Greek licence.

In 2022 these companies had €505 million in claims on €966 million of premiums: a loss ratio of 52.3%. In 2025 they had €718 million on €1.17 billion: a ratio of 61.5%². In three years, premiums rose 21% and claims 42%².

Third-party liability is the hard part. There the ratio rose from 54.5% in 2022 to 71.1% in 2025. The other motor covers went the other way, from 45.4% to 38.0%². So comprehensive and the extras became more profitable for the companies, while the compulsory cover cost them more.

The other €40 of every €100 is not all profit. It pays the agent’s commission, the staff, the systems, the reinsurance, which is the insurance the company itself buys against very large claims, and the profit.

Per company, the figures are in the SFCR. In 2024, INTERSALONIKA had motor claims of €70.3 million on €92.4 million of premiums, about 76%⁸. In 2025, Eurolife had claims of €19.7 million in motor third-party liability on €18.7 million of premiums written, about 105.7%¹².

Where to go from here

This is the map. The article on how much car insurance in Greece costs goes further into what the average driver pays, and the price trend shows how the index has moved since 2015.

Frequently asked questions

How many insurance companies are there in Greece?

For car insurance, the yearbook of the Hellenic Association of Insurance Companies has detailed figures from 24 companies, with an estimated 92.7% of the market in 2024. Our companies page lists twenty companies. Some of the companies that sell in Greece hold a licence from another EU country.

Who supervises insurers in Greece?

The Bank of Greece, since a 2010 law gave it the work of the old Private Insurance Supervisory Committee. It checks whether each company holds enough capital, under Law 4364/2016. It does not approve prices or terms. Greek law says each company sets its own prices.

How much does a vehicle pay on average in Greece?

About €179 a year, before taxes, for 2024. The 24 companies in the yearbook hold about 92.7% of the €1.23 billion of motor premiums, so about €1.14 billion, and they insured 6.38 million vehicles. The figure mixes every type of vehicle, from passenger cars to farm trucks.

What is the loss ratio and why does it matter to me?

It is the claims a company incurred divided by its premiums. At 60%, the company gives back six euros in ten. A very low ratio can point to a high price or a hard line on claims. A ratio above 100% shows a company that loses money in that line. Each company publishes its figures every year in its SFCR.

Is a company licensed in another EU country safe?

It can sell legally in Greece. Hellas Direct, for example, is incorporated in Cyprus and regulated by the Cyprus Superintendent of Insurance. If a motor insurer goes into winding-up, the Greek Auxiliary Fund pays people who live in Greece and are injured in Greece, at least up to the compulsory limits, whether the insurer is Greek or from another EU state.

Have car insurance prices risen in recent years?

Less than you think. The price index for transport insurance in Greece stood at 97.92 in December 2025, with the 2015 average at 100. It fell until 2021, jumped in the spring of 2024, and eased a little in April 2025.

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