A stable number of insured vessels and a significant drop in reported claims characterized the crew insurance market in Greece in 2025, according to a new survey by the Hellenic Association of Insurance Companies (EAEE).
However, the survey itself warns that the bulk of the costs remains outstanding, making any conclusion about a substantial improvement premature.
With the participation of three companies covering the entire market, policies totaled 1,075 (up from 1,069 in 2024, +0.6%). Reported claims fell to 777 from 1,468 (-47.1%), paid claims to €567,919 from €823,955 (-31.1%), and the outstanding claims reserve to €955,451 from €1,432,404 (-33.3%).
However, the chain-ladder method indicates that these reductions are primarily due to the passage of time, not to an improvement in risk: for the 2025 policies, the expected cost is estimated at 1.61 million euros, with 90.5% still outstanding, while the 594 recorded claims are estimated to eventually reach 1,085. The picture for 2025 is therefore still unclear and is expected to worsen as cases are closed.
The dominant cost remains the repatriation and replacement of seafarers, accounting for €333,758 (58.8%) of payments and 60% of cases. This is followed by hospital care (€84,623), temporary disability due to illness (€64,630), and outpatient care (€57,303).
In terms of sales channels, networks and non-exclusive agents handled 67.1% of production, followed by brokers (15.7%), direct sales (8.9%), and exclusive networks (8.3%).
* See the survey in the Related Materials column.