European Reliance: Increase of the gross written premiums and achievement of the 2020 goals

Increase of the gross written premiums and achievement of the 2020 goals

European Reliance presented significant increase of its gross written premiums for another fiscal year. Despite the unfortunate financial environment of the previous years, the Company continues its upward course and in 2020 presented increase of the gross written premiums, unlike the overall insurance market.

More specifically, the Company in 2020 presented 5.13% increase of its written premiums at € 223.3 mil., versus € 212.4 mil. in 2019.

The Company has presented a high growth rate since its first establishment and during the financial crisis and recession of the past 11 years, managed to increase its written premiums by 89.5%, from € 117.9 mil. to € 223.3 mil. Moreover, the Company presented 1.5% decrease of the overall expenses, comparing to the budgeted expenses, and kept the acquisitions cost at a fixed price.

Additionally, it is worth noting that the total insurance premiums in the insurance market during the decade 2009-2019 presented 22% decrease, from € 5.4 bil. to € 4.2 bil. and in 2020 4.5% decrease, based on the figures of H.A.I.C., as of 30/11/2020.

European Reliance is listed in the Athens Stock Exchange, is the only insurance company with 4 ISO certificates, has been awarded as a True Leader company over the past 10 consecutive years and has received awards over the past 7 consecutive years by the Hellenic Institute – EBEN GR – for its Business Ethics and Corporate Responsibility. Over the past 2 years, European Reliance receives the highest distinction by the Hellenic Institute – EBEN GR – and is the only company to achieve that.

The Company remains stable in its core philosophy, to stay consistent and loyal to every insured, insurance agent and shareholder. This philosophy led European Reliance to its current, prominent position, solemnly based on its own funds, without any additional support by International Companies, Banks, the Greek Government or other sources of income. 

Article and photo source: Press Release / Newsletter