All insurers to undergo stress tests

By Evgenia Tzortzi

The local insurance market is bracing for a challenging summer as the Bank of Greece has decided to force all of the sector’s companies to take part in stress tests to be conducted by the European Insurance and Occupational Pensions Authority (EIOPA) this fall.

In contrast to other European markets, where only 50 percent of insurers will undergo the EIOPA test, the Greek watchdog has decided to evaluate all local insurance companies so that they can adjust to the new monitoring environment.

Some 50 Greek insurers, including bank subsidiaries, will have to send data to EIOPA during the summer for the test to be completed during the fall and the results to be issued in November.