The Greek insurance sector is experiencing a number of significant challenges as a result of a highly volatile and uncertain economic environment together with new Solvency II regulatory compliance requirements and stricter regulatory oversight by the new local regulator. The Greek insurance landscape is expected to be completely reshaped within the foreseeable future as higher solvency capital requirements and increased pressure on earnings will probably force insurers to either complete merger and acquisition transactions or exit the market.
The new Solvency II regime will require insurers to maintain a sufficient level of risk-based regulatory capital, establish sound risk management and attract and retain appropriately skilled resources to deal with more onerous compliance and reporting requirements on an ongoing basis. Going forward, not only will insurers need to maintain appropriate regulatory solvency capital but they will also need to have sound governance, risk management and information systems in place and at the same time ensure that they remain cost efficient in a highly competitive market.
PwC Greece has a dedicated team of professionals with deep insurance sector knowledge and expertise to assist you to face these new challenges and manage the risks of doing business in a highly volatile and uncertain economic environment. Our team of insurance industry professionals can assist you with the following services: