Insurance compensations of 26.5 million euros paid in 2020 for property insurance

Compensation amounting to 26.5 million euros was paid within 2020 by insurance companies for property insurance (7.7 million euros for housing and 18.8 million euros for other risks) while a stock of outstanding claims was formed on 31/12/2020 € 59.6 million (€ 10.3 million for housing and € 49.3 million for other risks).

This results from a survey of the Association of Insurance Companies of Greece and it is noted that for the insurance contracts issued in 2020, 16,191 losses were declared in 2020, of which 49.8% were related to housing and the rest to other risks.

It is pointed out that the outstanding claims declared above refer to the initial assessment of the first year (year of issue of the insurance policy). Both the amount of losses and the final amount of compensation for these contracts will vary considerably when adding down-to-date contract information that is not available at the time of writing, until the expiration of all contracts issued within of the year.

Recording of insured risks

The Association's survey collected data on 1.3 million contracts issued in 2020 and some of which remained in force until 2021. It is noted that the number of contracts also included co-insurance contracts, while in the case of group contracts, it was requested that the number of risks covered be recorded. Where breakdowns were provided for payment of installments, they were counted as a total contract.

The vast majority of contracts were for housing (1 million or 82.6% of the total). The total insured value in terms of cumulative fire coverage (building and content) and loss of profits was of the order of 435.2 billion euros, of which 120.9 billion euros related to home insurance and 314.3 billion euros to other risks.

The...