Insurance

Our firm has extensive expertise in the insurance sector, providing comprehensive legal services to insurers, reinsurers, brokers, and policyholders. We advise on regulatory compliance under Greek Law 4364/2016, transposing Solvency II (Directive 2009/138/EC), and sector-specific guidelines issued by the Bank of Greece. Our experience includes navigating GDPR requirements for data processing, addressing disputes related to policy coverage and claims, and supporting the development of innovative insurance products, including digital and parametric insurance.

We have assisted clients in portfolio transfers, cross-border insurance operations under the EU Freedom of Services (FOS) and Freedom of Establishment (FOE) frameworks, and compliance with anti-money laundering (AML) obligations under Greek Law 4557/2018. Our expertise also extends to advising insurtech companies on regulatory approvals and licensing for digital insurance solutions.

We provide tailored legal services across the insurance value chain, including policy drafting, regulatory filings, and compliance audits. Our team advises on Solvency II requirements, such as capital adequacy, Own Risk and Solvency Assessment (ORSA), and reporting obligations to the Bank of Greece.

We assist clients in structuring and negotiating reinsurance agreements, managing claims disputes, and defending against regulatory enforcement actions. Our services include addressing challenges related to digital transformation in the insurance sector, such as compliance with ePrivacy regulations and cybersecurity standards under Greek Law 4577/2018.

For insurtech ventures, we provide legal guidance on licensing, consumer protection laws, and data processing agreements, ensuring seamless integration of technology with regulatory compliance. Our expertise in handling insurance-related disputes before Greek courts and arbitration tribunals ensures robust representation for our clients.

Greece’s insurance market is evolving rapidly, driven by digitalization and a growing emphasis on personalized insurance solutions. Regulatory updates include stricter requirements for solvency, governance, and transparency, aligned with EU directives and domestic policies. Insurers must address challenges such as compliance with GDPR for customer data, reporting obligations for cross-border operations, and adherence to consumer protection laws under Greek Law 2251/1994.

The adoption of innovative insurance models, including telematics-based motor insurance and usage-based health insurance, is reshaping the industry. Insurers also face increasing scrutiny on ESG compliance, particularly regarding investment strategies and disclosure obligations under the EU Taxonomy Regulation (2020/852).

Significant business opportunities exist in the areas of digital insurance, cyber risk coverage, and ESG-compliant investment strategies. The growing demand for parametric insurance, particularly in agriculture and climate-related risks, provides new avenues for innovation.

The expansion of health and life insurance products, supported by government incentives, and the adoption of insurtech platforms for automated claims management present lucrative prospects. Additionally, cross-border collaborations and the privatization of public insurance funds open further opportunities for investment and market expansion. Greece’s strategic focus on fostering innovation and sustainability in the insurance sector aligns with the broader goals of digital transformation and economic growth.