PIRAEUS Bank, Greece's biggest lender, has completed the sale of its ATE Insurance business to ERGO Group - part of German reinsurer MUNICH Re - for EUR 90.1 million. The transaction makes ERGO the largest property-casualty insurer in the market, and the price is subject to net asset value adjustments, ERGO said in a statement.
At the end of March 2016, the Greek insurance market totaled EUR 948.57 million, down by 5.7% y-o-y, according to the preliminary market figures published by the Hellenic Association of Insurance Companies (HAIC). The life insurance segment decreased by 10% y-o-y, to EUR 456.68 million, while the non-life business line dropped by 1.2% to EUR 491.89 million.
The Bank of Greece has rejected the proposed acquisition of the local life insurance operations of France's Credit Agricole by Bulgaria's Euroins Insurance Group (EIG) due to solvency capital issues of the buyer's subsidiary in Romania.
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.
The European Bank for Reconstruction and Development (EBRD) has
purchased a 15% stake in the Greek insurance firm European Reliance.
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
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.
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.
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.
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.
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).
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.
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
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).
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
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).
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.
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.
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.
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.