Market struggles after excellent recovery in 2004

The major life insurers are part of larger financial services groups. But some of the smaller insurers are still either family-owned or owned by individuals. This is expected to change in the next few years as M&A activity in the insurance market continues

At the end of 2005 there were 99 insurance companies registered in Greece of which 70 (17 life, 41 non-life, 12 composite) were limited companies and 29 were branches of foreign insurers (three life, 26 non-life). The number of those actually active in the market is lower, however, at around 65 insurers and/or groups.