The Greek insurance sector: Recovering like the rest of the economy but with its own challenges

The Greek insurance market contracted every year between 2009 and 2016, and even with improvement in the last couple of years, is still nearly 30% below the peak level reached in 2009. The insurance sector was hit by some obvious general problems with the Greek economy like the contraction in gross domestic product making customers less able to pay insurance premiums, the restrictions on investing in international funds and the losses due to haircuts on Greek government bond holdings.