Τhe Insurance Disputes Law Review – 5th edition
The recently published 5th edition of the ‘Insurance Disputes Law Review’ provides a practical overview of recent developments in insurance disputes across major jurisdictions worldwide. It examines the key features of the legal framework governing insurance-related disputes in each jurisdiction, covering substantive and procedural issues, recent litigation trends and much more.
Our firm was, for the second year in a row, the exclusive contributor for Greece, as the relevant Chapter has been drawn up by our colleagues, Dr. Antonios Tsavdaridis, Partner and Kosmas Karanikolas, Associate. The chapter in question provides a concise overview of the most recent developments in insurance disputes’ resolution in Greece, viewed from a practical standpoint. After a comprehensive illustration of fundamental aspects of the standing legal framework intended to insurance disputes’ settlement, the chapter gives prominence to the most noteworthy, recently delivered court decisions in insurance-related issues and concludes by pinpointing the latest trends in litigation, law-making as well as the insurance market.
Greece
Antonios D Tsavdaridis and Kosmas N Karanikolas
Overview
The Greek Insurance Contract Act (ICA), 2 despite its very succinct nature, is regarded as a pioneering law in Europe. The ICA occupies a position in the legislative vanguard in its
field and its provisions resemble those of other contemporary European insurance contract laws. Rules applicable to insurance contracts are also found in the legislation on insurance
supervision and distribution of insurance products, and in special laws regulating other, individual issues. Rules on general contract law apply supplementarily.
Premium income in Greece remains poor in relation to the country’s income per capita,3 contributing to the widespread use of international insurance terms and clauses, which are
governed by Greek law as foreign laws are almost never agreed upon for insurance contracts. Several provisions regarding direct or indirect interest have recently been introduced for
insurance contract law, although these do not touch upon the ICA’s core. The provisions focus on related issues, such as the introduction of compulsory professional liability insurance for
travel agents and travel service providers,4 the amendment of the liability insurance regime for high-speed craft operators5 and the establishment of compulsory liability insurance for
payment institutions,6 investment service providers7 and insolvency practitioners within the meaning of Law No. 4738/2020.8
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