Insurance industry

A top local official in the Central Anatolian province of Konya has said local farmers are not insuring their agricultural fields and products against droughts or natural disaster risks as they believe such acts are "not accepted by religion." 

Some companies have been avoiding issuing policies for high risk groups of vehicles after a ceiling price was imposed on compulsory traffic insurance, Deputy Prime Minister Mehmet Şimşek has stated, adding that a "Risky Insurance Pool" will be created to distribute premiums and damages to all companies for a resolution of the problem.

The government announced on Wednesday that owners of uninsured vehicles won't have to pay the 250-euro stamp duty provided they sign a policy by July 14, giving them a second chance to comply with the regulations.

It has also decided it will reduce the fines of those who still haven't insured their vehicles by July 15.

Thousands of Greeks will soon have to pay social security contributions for every kind of labor they may perform, even if that is occasional agricultural work, according to a circular issued by the Single Social Security Entity (EFKA).

The Turkish non-life insurance sector is likely to return to a loss this year, hit by the introduction of premium caps on motor third-party liability (MTPL) policies and rising inflation, Fitch Ratings said in a statement on May 23, as Reuters has reported. 

The insurance "Civil Liability" is going to rise its price by the end of this year but only for violators, reported Nova Tv.

February saw a reversal of the growth trend in insurance activity, as data from the Hellenic Association of Insurance Companies (EAEE) posted a 5.6 decline on an annual basis.

This has more than offset the rise observed in January for a 1.9 percent total year-on-year decline in activity in 2017's first couple of months.

Nothing infuriates citizens more than the state's indifference toward them. Instead of facilitating citizens, the state in many ways stands as an obstacle to any initiative that would benefit them.

Offering guaranteed yields of 1.5-1.7 percent on average, insurance savings products are now a major rival to time deposits, whose interest does not exceed 0.7 percent on an annual basis, while that rate seems set to drop further.

The 23.7 percent year-on-year increase of insurance activity in November constitutes a clear sign of Greeks' shift toward private insurance in view of the problems in the social security system and public healthcare. It is also a sign of change in the climate of the insurance market from its negative past.