Greece

The Importance of Insurance in Greece 

Insurance is an extremely important part of the lives of Greek people. It helps them protect themselves from a financial crisis by ensuring that all their prized possessions are insured. And not just their prized possessions but also their health and their lives. 

By getting insurance coverage the people of Greece don’t have to pay a huge sum out of their own pockets when an unfortunate incident occurs. Furthermore, Greece has been undergoing a financial crisis and the whole country has been on the verge of bankruptcy for a good amount of time. due to this, the people of Greece know the consequences that come with bankruptcy and poverty.

Popular types of insurance in Greece 

There are many insurance companies in Greece that offer a variety of types of insurance. However, there are certain insurance coverages that are popular amongst the Greeks. some of these popular types of insurance coverages include 

1. Public Liability Insurance 

Public liability insurance is one of the compulsory forms of insurance in Greece. this means that the law requires businesses and people to have this insurance. This insurance essentially protects the policyholder from claims filed by a third person or a third party.

 If you or your business have caused some harm to a third party and they demand some form of money as compensation, you can use this insurance policy to provide compensation.  Types of harm include accidents that lead to injuries or even death. Damage sustained by assets and property is also included in this insurance coverage. 

2. Vehicle Insurance  

Vehicle insurance is also one of the common types of insurance availed by people in Greece. This essentially protects the policyholder’s vehicle by covering for any damage that is sustained by the vehicle. This includes damage caused by theft, accidents, etc.  

Vehicle insurance is compulsory in Greece and there are many insurance policies to choose from. In addition, vehicle insurance tends to not only cover damage to your vehicle but also extends to damage caused by you to vehicles belonging to other people. This means if you have caused an accident, you can use your insurance coverage to pay compensation.  

However, this depends on the type of coverage you have and the amount of premium you are paying. Despite being one of the most expensive forms of insurance coverage, vehicle insurance is also one of the most common ones.  

3. Business Insurance  

Due to the financial crisis in Greece, the economy has struggled to keep up for quite a while. This is a disadvantage for business owners, especially those who have recently established their businesses.  

Business Insurance essentially provides business owners with a form of protection. This insurance protects their business from various accidents and even bankruptcy in some cases. Despite this, business insurance is quite expensive and businesses generally have to pay hefty premiums. 

Top 3 insurance providers in Greece 

There are many different insurance companies in Greece. However, some of them offer comprehensive plans with reasonable premiums. This makes them extremely popular among the Greek people. Some of the best insurance providers in Greece include

1.  New Poseidon Greek Insurance Company S.A.

NEW POSIEDON is one of the most popular insurance companies in Greece. They offer all kinds of insurances: Health, life, house and liability insurance. Their company has a wide variety of all of their customers. Their business insurance is one of the best, especially because they offer coverage against business loss as well which can prove to be extremely useful for businesses.

They have reasonable premiums and also offer useful financial advice. The representative of the company is always reachable, you can contact them at any time to get information or help. Their website is also understandable and clear and a good place to learn more about the company and its services.

2. Ydrogios Insurance & Reinsurance S.A.

YDROGIOS offer various insurance and reinsurance services. Their services Include motor, liability, personal accident, and life insurance. They have around 500 employees. They also offer cargo insurance to companies and big businesses. 

The company is respected and have a good reputation. Their customers are satisfied with the insurances that the company provides them with. Their aim is to always ensure that their customers live a comfortable, carefree life and they deliver in that promise.

3. Groupama Phoenix Hellenic Insurance S.A.

Established in 1928, GROUPAMA is an old and well-respected company. They have around 500 employees, who provide customers with the best experience. They offer life, health, and credit insurance and also provide reinsurance. 

The company offers comprehensive policies that are specially tailored for customers with different financial need, their plans are not only affordable but also exclusive to the client. Their website is colorful, consumer-friendly and easy to navigate