financial crisis 2010 and by the application of capital controls in 2015, in the Autumn of expected rapid developments on many fronts and mainly in what concerns the formation of the new company’s map of the market.
As appreciate many factors of the market in 2017 will be a landmark year that will shape the corporate map as well as the strength -prospects of the market within the next three years until 2020.
These estimates suggest a range of data. One of these data is, whether all the insurance companies operating in Greece today will pass the test of the first year of application of Solvency II.
Already, the issue that has arisen with the International life vindicate those who had predicted that the issue was not how many companies would there be with the implementation of Solvency II by the beginning of 2016, but how many will afford to cope with the trials of a practical application of the new rules sets.
One other fact has to do with competition and the market shares of The “war†that is on the market is a big key in the industry of the car and the big players are constantly pushing small and medium-sized.
At the same time open some fronts that have to do with the two companies that now belong to the banks .
The ATE Insurance and the National Insurance are the companies that are going to create the greater “turbulence†in the formation of the new company’s charter of the insurance market.
As to the first ,the ATE Insurance, comes clearly to the question of what will make the Ergo Group, which, in essence, has agreed ( as of summer 2014 ) the acquisition by Piraeus Bank, but has not completed the process. Everyone thinks that if you don’t clear up within the next period of time, certainly in the early Autumn there will be developments, Either with the completion of the acquisition by the Ergo or the withdrawal and possibly new interested buyer.
But, the biggest question mark is what happens with National Insurance , if it will sell, when to sell and how you sell the National Bank the insurance company that is the leader of the market.
The scenarios are many and conflicting . However, in accordance with the commitments of the National Bank in the framework of the recapitalization and in accordance with the requirements of R.E , as has already been done with the Εurolife of Eurobank and is expected to become the ATE Insurance from Piraeus Bank ,you have until 31 December 2016 to have found the prospective buyer of the National Insurance and until 30 June 2017 to complete the acquisition .
However , the potential for this sale is to find a buyer from a multinational group that is already in Greece ,(the entry of a new multinational player through this acquisition is considered almost unlikely) or found an investment fund , such as in the case of Eurolife . In addition light it is, and whether this sale will be at 100% or if the National Bank will keep a certain percentage of participation.
Source
Expected autumn storm†of developments in the insurance market
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