GREECE: Fines up to EUR 1,000 to vehicle owners with no insurance policy

Car owners in Greece will have to pay penalties for their vehicles by the beginning of autumn if they don't acquire an insurance policy. Fines will start from 250 up to EUR 1,000 depending on vehicles year of manufacture and engine volume. In case of non-payment, owners will be given an even higher fine and withdrawal of their license and plate numbers.

Due to the fact that the Greek economy is in deep recession, the problem has primarily harmed the motor sector and even though MTPL is the only mandatory type of insurance in Greece it is estimated that vehicles that lack an insurance policy are exceeding 1.8-2.0 million from which almost 700.000 are state owned, which naturally poses a higher threat in the streets.

More specifically, by the first half of 2012, according to the study conducted by HAIC, the drop of monthly premium production in Motor Hull segment sums up to EUR 24 million.

In the first half, Motor Hull gross written premiums appears to be 22.8% lower than in the previous reported period (EUR 141.3 million vs. EUR 183 million in 1H2011), while MTPL decreased by 13.8%, from EUR 739.1 million, down to EUR 637 million.

Either way, according to officials, from the beginning of the present year up to the first half of 2012, thousands of owners have given up their license plates in order to avoid higher taxation, fact that has further hit motor insurance.

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