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.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles


MetLife named its EMEA head as CEO of Japan unit

MetLife announced that Eric CLURFAIN, currently Executive Vice President and Head of EMEA, has been named Chairman, President and CEO of MetLife Japan - the company's second largest market globally and its largest retail life insurance business, effective Feb. 1, 2019, following approvals.


American International Group appoints new CFO

American International Group announced that it has appointed Mark LYONS to the role of Executive Vice President & Chief Financial Officer (CFO). He succeeds Sid SANKARAN, who will remain at AIG in an advisory capacity through the year-end reporting process for fiscal year 2018.


Wolfgang STOCKMEYER appointed as VIG's BTA Baltic new Board Chairman

Wolfgang STOCKMEYER (49) has been appointed, on 30 November 2018, Chairman of the VIG's subsidiary BTA Baltic Management Board, as part of a series of changes in the composition of its Management Board operated by the main player of Austrian Group in the Baltic region.



Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.


IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.


See all