License withdrawal to five companies operating on the market

On September 21, 2009, the Greek authorities have withdrawn operating licenses to five life and non-life insurance companies. These companies were no longer able to meet the level of solvency margin imposed by the regulations. The companies affected by this measure are non-life Aspis Pronia, General Union, General Trust, Skourtis and the life company Aspis Pronia.

The authorities’ hardening has surprised the experts who thought that upcoming elections would make such a measure very unlikely. The four non-life insurers penalized usually underwrite 10% of the  market premiums.