Greece
GREECE: Over EUR 5 million in paid claims after the heavy rainfall in late February
The paid claims due to the heavy rainfall that devastated the region of Attica and the whole territory of Greece by the end of February 2013 will be more than EUR 5 million, according to the first data published by HAIC.
14 March 2013GREEK FinMin considers imposing compulsory property insurance
Greek finance ministry considers to make property insurance against
earthquake and floods obligatory. According to daily Kathimerini, the
compulsory insurance of property against big natural disasters like
earthquake and flood is being considered by the finance ministry as an
attempt to forestall the possibility of a widespread economic damage
from an unexpected event such as an earthquake or flood.
6 March 2013GREECE FY 2012: Safe investments lead to losses
With the total GWP reaching EUR 4.3 billion and a 10.71% drop in comparison with the previous year, one can say that the market is in serious trouble also for 2013. The total non-life gross written premiums reached EUR 2.37 billion. From EUR 2.69 billion in 2011 the fall stopped at 11.76%.
26 February 2013GREECE: Insurance market unable to recover 9.8% decrease by 3Q/2012.
In 3Q/2012, the Greek insurance market managed to total EUR 3.22 billion, which means a 9.8% drop compared with the same period of 2011.
20 December 2012GREECE: Fear of a new "HAIRCUT" on state bonds sounds the alarm on the Greek insurance market.
The Association of Insurance Companies in Greece wants to evaluate the impact of repurchasing Greek state bonds in order to create the conditions which will minimize losses.
6 December 2012GREECE: Government plans to tax collective pension-saving plans
The situation regarding the intentions of the Government to tax the premiums paid by an employer to an employee under a collective pension-saving plan as income remains uncertain.
6 December 2012GREECE: Ethniki, Eurolife merger to create insurance giant
Following the merger planned between the National Bank of Greece and
Eurobank groups, the linkup of their insurance activities will lead to
the creation of a domestic insurance giant with premiums of over 1.1
billion euros out of a total of 4.9 billion euros in the local market.
11 October 2012GREECE: Insurance sector has stopped investing in state bonds since incurring huge losses
The insurance sector has stopped investing in state bonds since
incurring huge losses as a result of the private sector involvement
(PSI) in the Greek debt swap earlier this year.
7 September 2012GREECE: Proposal for a national earthquake insurance program
Greece is characterized by its high seismic exposure. It is estimated
that the economic loss to the residential stock of a 1-in-200 year event
is likely to be greater than 22 billion Euros while for a shorter
return period 1-in-5 year it is likely to be 1.3 billion Euros.
3 September 2012GREECE: Insurance market in the turmoil of dept crisis. 1H/2012 results
From the beginning of 2012, the state and expectations of the Greek insurance industry have remained shrouded in the big "cloud" represented by the country's financial crisis.
29 August 2012GREECE: 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.
23 August 2012GREECE: Mandatory civil liability maritime insurance
Mandatory civil liability insurance for all vessels that enter Greek ports remains on paper, as the implementation for the legislation imposed by relevant EU directive that was incorporated into Greek law in 2012 is yet to become active. The delay in enforcing the law is keeping Greek insurers away from a potential premium volume of EUR 100 million.
3 July 2012GREECE: Fitch, Insurance companies are less exposed than banks to contagion risk triggered by a Greek exit from the eurozone
Insurance companies are less exposed than banks to contagion risk triggered by a Greek exit from the eurozone, because of insurers' ability to share losses with policyholders and their lower reliance on short-term funding. However, banks' resilience is enhanced by benefiting from any potential EU policy response and European Central Bank action.
3 July 2012GREECE: 2H stress tests
Stress tests to insurance companies will be commencing normally this year also, in spite the transition period that was given to the companies in order to recover from their great losses over PSI+. These tests will determine the limits of the insurance market against plausible negative developments in capital markets, but also to disastrous or adverse insurance events.
21 June 2012GREECE: HDI-GERLING recorded 27% increased profit
Profits before taxes of the According Greek branch of HDI-GERLING for the fiscal year of 2011, reached EUR 6.2 mil, increasing y-o-y by 27% (EUR 4.9 mil in 2010). After tax profits closed at EUR 5 mil from EUR 3.8 mil in 2010. The results are in line with HDI-Gerling Hellas' goal of continuing its successful course against a harsh economic environment, remaining between the most profitable insurance companies in Greece for the last years.
21 June 2012GREECE, 1Q2012: Unit-linked products kept the market on course
Total premium production of the Greek insurance market for the 1Q 2012 appears to be reduced by 5%, but on the other hand in the Life associated with investments insurance branch premium production has increased by a staggering 79%, according with the research conducted by HAIC (Hellenic Association of Insurance Companies).
20 June 2012GREECE: 79% growth in investment products
Data published by HAIC (Hellenic Association of Insurance Companies)
reveal that savers have turned their focus on Unit Linked programs
rather than term deposits. According to the data, in 1Q 2012, premium
production in the investment programs branch have increased by 79%,
while the total production of the sector has been enhanced by EUR 68.2
million Y-o-Y, reaching a total of EUR 154.5 million.
7 June 2012GREECE: Share change hands in the life sector
Absolute leaders of the top 10 positions in the life sector insurances
prove to be the multinational companies and bank subsidiaries
controlling over 91% of the market according to data for 2011. The first
five companies in premium production control 68.8% of the yearly income
of the sector. However, the same data show that, compared to 2010, the top five
companies in revenue lost some 2% of their total share, which was 70.7%,
while the share of the first 10 appears enhanced from 90.6% in 2010 to
91.7% in 2011.
7 June 2012GREECE: ASPIS PRONOIA the black sheep of the Greek insurance market
ASPIS Group of Companies former CEO Pavlos Psomiadis has been sentenced to 8 years of imprisonment after providing ASPIS's creditors with a false EUR 550 million letter of guarantee from a British bank in order to keep the defunct business afloat. Deadline until the 4th of May was given by the NGB (National Bank of Greece) for the companies that are interested to take part or in total of Aspis portfolio which at the moment is being fund by the public auxiliary fund.
10 May 2012GREECE: Subversive results by ETHNIKI Asfalistiki for 2011
ETHNIKI Asfalistiki group has shown an amazing improvement regarding operational profits during the fiscal year of 2011 against great unfavorable circumstances, a fact that maintains the company in its leader role with a notable distance from the companies' competitors in the industry.
10 May 2012
