Authors: Kanellos Toudas, Christos Giannopoulos

Title: The Insurance Market in Greece and the development of Bancassurance. All Changes in Greek insurance market after the implementation of Solvency II.

Abstract

This work is an attempt to present the Greek Private Insurance Market. This is a market with a long history, which has contributed so much to the economic development of the country and the prosperity of the Greek citizens.

Also, we analyze the collaboration between Insurance and Banking institutions, which led to the birth of a new product group (Bancassurance). We note that the development of Bancassurance benefits all parties involved and that there are many prospects for further development of cooperation between Insurance Companies and Banks.

It is for a fact that the Private Insurance Market was afflicted too much by the recent financial crisis and this has led the European Community to enact new more strict rules and market surveillance. In this paper a detailed presentation of the Law 4364/2016 (Solvency II) has been occurred. This Act has set new standards of transparency and supervision of the Greek Insurance Market.

This paper was completed with the research part, where through a questionnaire distributed to executives of the Greek Insurance Market, an attempt to explore their views on some of the topics discussed in the theoretical part of the paper has been done.