Greek insurance companies have passed (with minor notes) the first European solvency test based on the new capital regulations known as Solvency II.
All insurers made the cut with a solvency rate far above 100 percent, which is the certificate of solvency for every insurance company regarding the sufficient maintenance of reserves for the coverage of their obligations toward their clients.
This stems from the solvency report published simultaneously in Greece and the rest of Europe by the insurance sector. It constitutes a harmonization on a European level, aimed mainly at the information of the insured through the publication of the solvency index of every company that is now based on single rules across Europe.
“The overall picture of the sector after the publication of the solvency index is positive,” comments Dimitris Mazarakis, the president of the Hellenic Association of Insurance Companies (EAEE).
“It confirms that the insurance market has taken serious steps in recent years to adjust to the new system. However, it will take more time for the entire effort to be absorbed and for us to reach our goal, which is the optimum information of our clients,” he adds.