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Thousands of people started procedures to cash their life insurances from private insurance companies to find cash to meet their financial obligations. The compensations the insurance companies paid in the first half of the year amounted to € 363 million, which is 10.3 percent more than the last year, according to the report of the Vima Newspaper. According to the legislation, insurance companies are required to pay the money to the insured people that have asked to buy their insurances within one month.

The sources of Vima Newspaper estimated that this trend of life insurance buying-out will increase in the coming months. It will surely further burden the situation with the money the insurance companies avail as they anyway have problems because of theeconomic crisis.
 
However, according to data from the commission supervising the private insurance, the overall minimal revenues from insurance contracts this year have increased compared to the last year. There is a slight increase by 7.82 percent in the concluded car insurances for the first half of 2010 and revenues jumped from € 70 million to € 808.9 million for the period from January to June 2009. In contrast, life insurance revenue fell this year by 2.67% reaching € 1 196 billion compared with € 1, 229 billion in 2009.

Concerning the insurance companies, we should not miss that it was announced this week that the list of victims of the bankruptcy of the giant Aspis Pronia will be posted. The Imerisia Newspaper reported that the list contains 200,000 life insurance contracts and property of the company is estimated at about € 200-250 million. The list of insured is still expected to be published and to be available in the offices of the company. It is expected also to be uploaded on the website of the commission supervising the private insurance in order to consider any omissions on time having in mind the benefits the company must pay. Then, the insured will have three months to make objections in court. It is hoped the proceedings will be concluded quickly and the compensations will be paid. There is a fear that if the proceedings drag on and objections and claims are generalized there is a risk of blocking the capital benefits of contracts and patients’ charts until the court orders.