Greece
GREECE residents to see flood insurance policy savings
The state of New York has 1,500 communities that participate in the National Flood Insurance Program, but only 32 currently participate in the Community Rating System and none rank better than Class 7. Supervisor Bill Reilich says the Town of Greece is the only local municipality in Monroe County that participates in the National Flood Insurance Community Rating System Program, and has received a reduction in its Class rating from 8 to 7 providing additional savings for taxpayers.
16 June 2016GREECE: EBRD buys 15% interest in insurer European Reliance
The European Bank for Reconstruction and Development (EBRD) has
purchased a 15% stake in the Greek insurance firm European Reliance.
23 May 2016GREECE's Piraeus Bank to sell part of European Reliance stake to EBRD
Greece's Piraeus Bank will sell part of its 28 percent stake in insurer
European Reliance to the European Bank for Reconstruction and
Development, a Piraeus official said on Wednesday. Piraeus,
Greece's largest lender by assets, plans to divest the entire stake as
part of a restructuring plan which entails the disposal of non-core
assets.
5 May 2016GREECE: George KOTSALOS steps down as CEO of INTERAMERICAN
George KOTSALOS is stepping down as Chief Executive Officer at INTERAMERICAN Greece during the course of this year, the Dutch mother company ACHMEA annouced a week ago. "The year in which he turns 65", ACHMEA said in the statement.
5 May 2016GREEK insurance market is taking a dive
The situation in the industry in Greece looks as though the trend is to continue slipping. Last
year, the insurance market in Greece took a significant hit as the
number of people in the country who cashed in savings based policies
broke all previous records of that nature.
That trend revealed a solid decline of the state of the insurance industry within the country.
That trend revealed a solid decline of the state of the insurance industry within the country.
31 March 2016Insurance market wanes in GREECE
The number of people who cashed in savings-based insurance policies early reached a record high in 2015, owing to the drop in disposable incomes that led to many being able to keep up with the payments, according to data seen by Kathimerini.
29 March 2016Interlife CEO: GREEK insurance market lost 1.85 bln euros in 2010-2015
The Greek insurance market has lost around 1.85 billion euros during the
crisis, according to Ioannis Votsaridis, chief executive of Interlife. "The
market is falling since 2008. Total loss is very big. The car insurance
sector has lost 48 pct in the 2010-2015 period, the life insurance
sector around 24 pct and the damage sector around 39 pct...I believe
that the sector will find it very difficult to regain its losses as
intense competition drives insurance rates lower," he said.
25 February 2016STATISTICS: GREECE, HAIC: Insurance market dropped by almost 6% in 2015
At the end of December 2015, the Greek insurance market totaled EUR 3.57 billion, down by 5.8% y-o-y, according to the preliminary market figures published by the Hellenic Association of Insurance Companies (HAIC).
18 February 2016Fairfax CEO sees investment potential in GREECE, says reforms must go on
Fairfax Financial Holdings Chief Executive Prem Watsa said on Friday
that he sees investment opportunities in Greece if the crisis-hit
country proceeded with reforms.
1 February 2016Credit Agricole returns to GREECE as major shareholder in Alpha Bank
Credit Agricole, the French bank giant which ended its commercial
presence in Greece around three years ago when it sold Emporiki Bank to
Alpha Bank, is returning to Greece, this time as a major shareholder in
Alpha Bank.
8 December 2015STATISTICS: GREECE, 3Q2015: The decreases reported on motor classes pushed the market down by 3.6% y-o-y
The Greek insurers reported gross written premiums of EUR 2.72 billion in 3Q2015, down by 3.6% y-o-y, according to a quarterly report published by the Hellenic Association of Insurance Companies (HAIC). Non-life insurance GWP accounted for 51% of the total - EUR 1.38 billion, or 8% less y-o-y, while the life insurance sector was up by 1.4%, reaching EUR 1.33 billion (49% of total insurance market).
25 November 2015GREECE: NN Hellas finds opportunities, despite economic difficulties
Business confidence and investment has been undermined by political,
social and economic instability, along with deteriorating liquidity
conditions. World Finance found out how NN Hellas has weathered the
storm.
12 November 2015STATISTICS: GREECE, 1H2015: Life insurance maintained the market on a positive track
The Greek insurers reported a GWP of EUR 1.96 billion in the first half of 2015, as compared with EUR 1.92 billion a year earlier, according to the 1H2015 Report published by the Hellenic Association of Insurance Companies (HAIC). The Report published by HAIC includes the figures for 57 insurers accounting for 95.8% of the insurance market's full data for 2014. Of these, 21 were active in the life segment (97.4% market share) and 47 were active in the non-life segment (94.4% market share).
26 August 2015Insurers to weather GREECE-fuelled market volatility - AM Best
Euro zone insurers are well placed to weather volatility around a
potential Greek exit from the currency bloc, although contagion to other
countries would be more problematic, ratings agency AM Best said.
13 July 2015Ergo considers axing GREEK acquisition
Munich Re's insurance subsidiary Ergo has said it is considering
terminating its previously announced EUR90mn acquisition of Greek
bancassurer ATE Insurance from Piraeus Bank. In a statement
provided to The Insurance Insider, Ergo said it was in close contact
with the bank and that it was looking into the possible consequences of
"any change" to the political situation in Greece.
13 July 2015Holiday Extras upgrades cash cover for GREECE
People travelling to Greece this summer are being offered improved
insurance to cover extra cash they are being advised to take with them. The
move by Holiday Extras and underwriters Allianz and White Horse follows
advice from the Foreign and Commonwealth Office and Abta that
holidaymakers take additional funds with them as ATMs and banking
services may be limited.
9 July 2015Vacationers cautioned to purchase the right travel insurance when heading to GREECE
Vacationers
who have been planning to head to Greece are being warned that they
might want to take a second look at their travel insurance policies in
order to make sure that they will indeed have the types of coverage that
could be needed if the financial environment stats to collapse even
more than it already has.
9 July 2015GREECE: Insurance firms increase cash cover
Travel insurance companies are increasing cover to take account of the
extra cash that tourists will have to take to Greece this summer
following the shut down of its banking system.
6 July 2015Will GREECE go hungry if it exits the euro? That's a question for the insurance industry
The globalisation of food trade over the past few decades has made the
world food system better equipped to respond to small localised losses
in food production and feed a growing global population. It has arguably
also increased our exposure to systemic risks.
26 June 2015VODAFONE GREECE extends insurance to call centre employees
Vodafone Greece announced new insurance benefits for employees of 360
Connect, its call centre and back-office support unit. From 01 July, all
employees of the unit and their families will benefit from
hospitalisation and life/accident insurance.
15 June 2015
