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Insurance Market Declines in Greece

logosThe number of people who cashed in savings-based insurance policies early reached a record high in 2015, showing the decline of the insurance market in Greece, a Kathimerini report says.
As disposable incomes dwindle after the onset of the economic crisis, Greeks are unable to meet their obligations and are forced to stop making insurance payments.
According to the report, the money insurers paid out last year due to early policy terminations reached 815.5 million euros, the highest in eight years.
The insurance market has contracted 28 percent since 2008 as tax and contribution hikes, salary and pension cuts and unemployment made household incomes shrink alarmingly.

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