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.

The importance of mandatory insurance is crucial amid the season for the safe transportation of tourists; it would also contribute to the development of the maritime insurance sector, which is devastated from the deep recession. As stated by the presidential decree, mandatory insurance concerns ships with capacity equal or exceeding 300 tons, though it excludes warships or government ships used for non-commercial public service.

The adaptation of the country to the relevant EU legislation creates development opportunities in a market that is considered underinsured by setting a mandatory insurance of ships, even if they are decommissioned in Greek ports. Up to this day liability insurance was in force when the ship was on the move and the extension of mandatory coverage, creates a new field of activity of the insurance market, with premium expectations that will surpass EUR 100 million per year through the markets efforts for the expansion of the industry for the civil liability of ships.

Studies conducted from HAIC, the association of Greek insurers, show a shrinking for industry vessels, of which the premiums were reduced by 14.3% in 2011 and amounted to EUR 16.8 million Decreased by 3.9% was also the production of liability premiums which reached just EUR 7.1 million.

Total payments of compensation during 2011 were EUR 6.1 million from a total of 929 claims. It is notable that despite the decline recorded for the second consecutive year, the majority of vessels, over 83%, are declared as personal recreation, while the number of commercial vessels did not exceed 17%. However professional crafts exceed in proportion both in damages and claims gaining 24.8% and 25% respectively.

The index of damage for yachts in 2011 improved and stood at 41.8% from 60% in 2010. Worrying about the health of the industry, is the outstanding surge in claims that increased to 153% - as a proportion of claims- from 93.1% in 2010 and is the worst performance compared with the other sectors losses.