European insurers would need regulatory action to survive Greek default

Special regulatory action would be required to prevent the insolvency of some European insurers in the event of a eurozone sovereign bond crisis that included a Greek default, according to a stress test by rating agency Fitch.

Although the agency made no changes to its ratings of European insurers as a result of the stress test, it singled out Portuguese insurer Occidental, London-based Amlin, Belgian bancassurers AG and Athias and Italian insurers Fondiara, Società Reale Mutua di Assicurazioni