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This situation has certainly worsened in recent months, as hundreds of thousands of cars are circulating without insurance due to the financial difficulties of their owners. Meanwhile, serious losses of revenue are reported because car owners are returning their licence plates, since they can no longer support their cars. And since most of the cars are powerful with high-volume engines, losses are greater from the insurance premium.

It is estimated that from December 2011 to early 2012 the tax authorities have received 370,000 licence plates, while from 2009 to 2011 the number of licence plates returned was 750,000. Meanwhile, according to estimates, nearly 1 million cars in Greece are being driven without insurance.

Immobilisation of so many vehicles, and travel restrictions because of rising fuel prices, however, has had positive implications for insurance companies, since this has resulted in a significant reduction of accidents and hence to the compensation paid for damages.