Our Role

   The Hellenic Association of Insurance Companies functions with its present structure since 1992, after the unification of the pre-existing associations. It aims at the exclusive and powerful representation of the Greek Insurance Market.

   The Association currently consists of insurance companies representing above the 95% of the premium production in the Greek market.

   In the context of single action provided by the Hellenic Association of Insurance Companies, Greek insurance companies work to support and modernize the institution of private insurance.

   The statutory goals of the Association are:

• The development of private insurance by all legal means.
• The management and promotion of all issues concerning the Private Insurance within the framework of Greek and European Union legislation.
• The protection and advancement of moral as well as the professional and financial interests of its Members.

   The institutional role of the Association is officially recognized by the State with the provisions of the articles 4a of law 400/1970 and 5 of law 3229/2004. The Association participates with a representative in the existing Committee of Private Insurance as well as in the newly established supervisory authority under the name of Hellenic Private Insurance Committee.

   The institutional action of the Association is further confirmed via its participation in law-making committees regarding the preparation of draft laws concerning insurance matters, after an invitation of the ministries in charge.

History of "Hellenic Association of Insurance Companies"

   The history of the Hellenic Association of Insurance Companies goes back in the 19th century, specifically in 1907 when "The Association of Greek Insurance Companies Against Fire" was founded. The following 14 Greek Insurance Companies participated: Riunione Adriatica di Sicurta, Allianz Versicherungs A.G., North British & Mercantile Insurance Company Limited, Assicurazioni Generali de Trieste, Societe Anonyme d' Assurance Generales "La Nationale", Commercial Union Assurance Company Limited, Sun Fire Office, La Baloise, Royal Exhance Assurance, Rossia, Phenix Autrichien, Guardian Assurance Company Limited, Phenix Francais. In 1908 "Phoenix Assurance Co Ltd" also joined the Association.

   Due to legal difficulties the Association was registered as a Union when its Articles were drafted in 1929. Today, the Articles are modified but still in effect. The Association’s action was multiple: it was represented in the Supervising Insurance Board and from 1929, in the Board of Commerce and Industry, that substituted the precedent, with a representative who expressed the opinion of the Association in insurance matters. Thus, shortly the Association became the main regulator of Greek insurance movement.

   In 1987 the "Greek Institute for Insurance Education" was formed, and still remains the first educational organization fully specialized in insurance matters.

   In 1992 the Association acquires its present name: "The Hellenic Association of Insurance Companies".

   Its objective is to co-ordinate the action of insurance business in Greek market and to promote the development and modernization of the Private Insurance Institution.

The objectives of the Association

   For the achievement of the objectives, there are statutory means, ends and actions. These objectives are:

• To tighten the relations between its members and to inform them for issues concerning them.
• To monitor its Members’ application of compliance with the existing Legislation, for the protection of their collective professional interests.
• To create the conditions of healthy competition within the Greek insurance market and to detect problems and take measures in order to avoid the unfair competition in collaboration with State agencies.
• To elaborate studies and to undertake training in general educational activities on issues concerning the Private Insurance and on issues relevant to them, with the creation of a library, the organization of scientific lectures, competitions, expositions, seminars, issuance of scholarships etc.
• To intervene with the insurance companies and the State Authorities.
• To promote the Association’s views, on all the issues of concern, to the Public Authorities, to the International Insurance Organizations and to the institutions of the European Union.
• To promote the Private Insurance activity both nationally and internationally.
• To inform the public on the positions of the Association on issues concerning the insurance market.
• To collaborate with corresponding foreign associations.
• To inform promptly and reliably on matters concerning insurance.
• To process and study statistical data for the insurance market.
• To conclude the Collective Labour Contract for the Insurance Employees with the competent Professional Employees Union.