(In) Solvency II: Greek insurers face major capital raising to meet Solvency II requirements

(In) Solvency II

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With the recent focus on the problems facing Greece's financial sector, it is not surprising to find the country's insurance sector is also facing difficulties. The shutting down of five insurers in September 2009 by the Private Insurance Supervisory Committee (PISC), which at that point regulated the industry, brought the total to 14 in recent years, jeopardising the savings of an estimated 1.2 million policyholders.

In June this year, the junk status rating of Greek bonds devalued the industry

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