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In the near future, the implementation of Solvency II will pose strict rules to insurance companies at European level both in capital requirements and corporate governance. The environment in which insurance companies operate will become much more demanding at all levels. In this framework, the prospect of mergers and acquisitions in the insurance sector is quite possible.

Bancassurance has earned a bigger market share lately because of the low operative cost. Do you think that this type of insurance is going to gain more ground than the Traditional Insurance Model?

Bancassurance is a distribution channel through which some insurance companies do business with the aim of promoting standardized insurance products at a lower price. The same applies to direct sales (online) that are successfully used by some insurance companies. Alternative channels like bancassurance and direct sales are expected to gain ground in the future. In Greece, the growth prospect for insurance remains quite large comparing with the European Union averages, so in my opinion there is room for development for all distribution channels as every channel has its specifications and its pros and cons.

The problem with Aspis has not been solved for almost three years now. What will happen with the people who had their money invested there and is there a mechanism put in place to prevent incidents like that from happening from now on?

The only way to avoid unfortunate incidents like Aspis is prudential supervision. The insurance sector is now being supervised by the Bank of Greece, a prestigious authority that poses strict rules to insurance companies operating in Greece with the aim of shielding the solvency of private insurance.

With regard to the Aspis issue, the proceedings are clearly subjected to the Greek State. According to our briefing, the procedure is in progress and the announcement regarding the quest of a contractor for the transfer of the Aspis portfolio is expected soon.