In spite the fact that Motor insurers in Greece are worst affected by the financial crisis, are seeing substantial improvements in their results as austerity measures force people out of their cars and send loss ratios plummeting.

QBE Re's Luc BOGHE, head of European multiline, said there is evidence the economic crisis is not necessarily entirely negative for insurers.

In a difficult economic crisis, you see people using their cars less than before because fuel prices are too expensive. The frequency of claims is coming down.

A motor insurer in Greece - one of the countries hardest hit by the economic crisis from a technical point of view sees that underwriting results have never been better.

On the other hand the economic crisis presented a tougher challenge for risk carriers in the property arena, increasing the likelihood of fraudulent claims.