Greece
GREECE: EUROBANK PROPERTIES net profit EUR 9.98 million
EUROBANK PROPERTIES manages one of the most important portfolios of commercial properties in Greece and Eastern Europe. Maintains long-term leases with companies and it is managed by competent and experienced staff with knowledge of Greek and international real estate market. The company operates in the fast emerging sector of investment in property that is governed by a favorable tax regime.
GREECE: room for growth for agriculture insurance
Unexploited room for private insurance is the cover of agricultural activity in Greece which, in spite of the downward trend that the sector suffers due to recession and structural problems, continues to have a great importance for the Greek economy and development. Motive for insurance industry will constitute the 3877 Law that allows optional funded insurance for the agricultural sector. Although, the ministries decision to define the appropriate regulatory plan is still pending. It was "expected" to be declared after the 6th May elections, unfortunately no government has been declared so far, therefore the matter is still on hold . The Greek Agricultural Insurance Association and private insurance will be in competition because the Association also will have the right to provide farmers optional insurance programs.
INTERAMERICAN: Opening towards distribution channels
INTERAMERICAN, member of EUREKO GROUP, presented their marketing strategies for a balanced growth for all channels of distribution, a company with a vast specter of components on the line of promotion, depends mostly from positive production results and good relations with agents and brokers.
GREECE: Maritime insurance "sinks"
A downward trend is observed in Greece regarding boat insurance in the last years according to HAIC that in 2010 results of the written premiums reached EUR 15 million from EUR 15.6 million in 2009. From the above premiums, EUR 4.1 million accounted for the liability insurance of boats. This turn of events is not by chance because it goes in line with sales of leisure boats in Greece that from 2009 and up until 2010 have dropped by 26%.
CHARTIS HELLAS: EUR 9.2 million profit before tax in 2011
CHARTIS HELLAS Group reported for 2011 a 6.79% growth in premium production, up to EUR 107.1 million. Overall profitability, of brokers and insurance activities came up to EUR 9.2 million before tax, while compensations that were paid to individuals and businesses exceeded EUR 44 million.
ERGO HELLAS confirmed, in 2011, its strong position on the Greek insurance market
ERGO's total premium production in Greece, for 2011 reached EUR 147 million, showing a 3.1% raise in comparison with 2010. IFRS before tax profits were at EUR 8.92 million after the impairment of corporative investment that was conducted by the firm in the year 2011. All in all, 2011 was a landmark year for ERGO HELLAS, followed by the brand's name change and new corporate values adopted.
ALLIANZ HELLAS: Profitability up to EUR 18.5 million for 2011, driven by pension and motor insurance lines.
According to international accounting standards, 2011 turnover for ALLIANZ HELLAS was reduced marginally to 1.2% from 2010, while at its total the entire market recorded a 6.8% drop, operational profitability thanks to rationalization of operational costs and good management of losses was reduced just by a 4.6% while the after tax profitability of the company prior to any predictions for impairment of bond values, was formed at EUR 13.2 million from EUR 9.4 million in 2010, states a recent report issued by the company.
EUROPAIKI PISTI: 254% growth in profir before taxis, to EUR 13.8 million
EUROPAIKI PISTI financial report for 2011 reveals an EUR 13.8 million profit before taxes and prior PSI Plus, 254% up as compared to 2010. The corresponding amount after PSI plus, formed at around EUR 4.0 million increased by 2% in comparison with the previous year. The company's turnover (net premiums & contract rights) also grew by 16.6%, to EUR 152.8 million. According the company, this results may be considered as satisfying for the fiscal year of 2011, a period when the entire insurance sector met significant reduction and negative financial result due to PSI Plus at the Greek Public Bonds.
GREECE: Insurance market on the uphill of recession
Greek economy is trapped inside the eye of the storm in a very dramatic situation, while besides being sunk in deep recession it has also to face an ugly shift by the world economic stage. Suffering from several austerity measures imposed by the creditors of Greece (IMF and ECB), great sacrifices had to be made by the Greek people; on the other hand it may be the only way out from this Greek crisis.
GREECE, FY 2011: Insurance market has been reduced by 7%
Last year, the Greek insurance market registered a decrease in insurance GWP of 7.1% to EUR 4.7 billion, as compared to 2010, according with the research conducted by the EAEE - (Hellenic Association of Insurance Companies).

10 May 2012