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.
Votsaridis also warned that because of the low prices, some companies would be forced to closure, while he noted it was difficult to say how many insurance companies could operate in the market and stressed it was likely that in the near future to have portfolio transfers and liquidations. “I expect some companies will be forced to transfer their portfolios and to be led to liquidation. I want to believe that we will not any license revokes again. There must be a way for a company to end operations and no one losing. This will need a very strong supervisory policy and I believe that the Bank of Greece will do its work properly while Solvency regulations will also help,” he noted.
Interlife chief concluded that 2016 did not seem to be a good year for the insurance sector and underlined that the pension reform issue should be resolved based on the three pylons existing in Europe: Social pension, professional funds and private insurance contracts.
RELATED TOPICS: Greece, Greek tourism news, Tourism in Greece, Greek islands, Hotels in Greece, Travel to Greece, Greek destinations , Greek travel market, Greek tourism statistics, Greek tourism report
