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"It will not be fair for insured clients to pay the damages of insurance companies like Aspis in the amount of 12% of the total turnover of the insurance market,” said President of the Union of Insurance Companies in Greece, Doukas Paleologos at the Congress of the union, which was held at the Palate of Music in Athens. Mr. Paleologos proposed to the Government that if there is a need for capital to cover shortfalls of Aspis insurance company, to cover it with taxes that companies pay the insurance industry, which annually amount to €500 million. 

"The past 2009 was a difficult year marked by the closure of six insurance companies. The closure is the worst for a company – this is a failure for the company's activities which affect the insured clients. Our goal is 0% failure," continued Mr. Paleologos. 

Last year a new body was created which is supposed to oversee the private insurers and which is obliged to take measures to assist businesses during the crisis and to not allow the crisis to turn into an alibi, said Mr. Paleologos. In this regard, Doukas Paleologos asked the Secretary of the Ministry of Finance Iliyas Plaskovitis not to cancel the services for supervision of private insurers because the market will remain unregulated in the next three years. In turn, Mr. Plaskovitis said the government will not dismiss the possibility of future private insurers to participate in occupational pension funds that are currently public. 

Mr. Doukas said that uninsured cars are over 800 000, but control mechanisms can be synchronized, in order to identify car owners and make them pay. 

"The more the state has trouble paying pension costs, the greater is the niche that opens to private companies. We want it to be recognized that we can manage our pension funds ", said President of the Association of private insurers noting that they are familiar with the dogma that exists on this issue.

"People want security in a world that is increasingly difficult to control,” with these words Karel Van Hulle, Director of the insurance and pensions services in the European Commission, began his speech. He noted that the private insurance sector is important but must be well organized and controlled. Basically, Mr. Van Hulle pointed attention to two themes - the ability of companies to pay their debts and the need for supervisors to have the opportunity for timely intervention so as to provide adequate proposals. And second, holding the fifth QIS5 study of the European Commission in order to draw up a report on the private insurance industry – whether companies fulfill the criteria for the operation and what can be done. The study will be held in August of this year. Mr. Van Hulle noted that the previous time the study was conducted - "Exercise" QIS4 in 2008 – from a total of 5000 companies in the industry across Europe, only 1500 participated. But his goal is this year to include all, however unrealistically it may sound. 

Insurance Director in the Federation of European insurance, Michaela Koller reminded of the trends in EU policy towards private insurers. She noted that insurance in private companies has its role in the economy and it is linked to absorb the risk.