The Hellenic Committee of Lloyd’s Brokers Associates was established in 1938 in Greece and is the oldest insurance-related body in this market.
Its aim is to represent insurance brokers active mainly in the marine insurance market in Greece who place risks at Lloyd’s through associated Lloyd’s brokers in London. The Committee is currently comprised of 25 members, the majority of which are already accredited or are in the process of becoming accredited under Greek and European Community legislation.
Initially, the Committee consisted of Greek marine insurance brokers who represented and placed business through broking firms trading at Lloyd’s of London because this was historically the most important marine insurance market with strong traditional ties to Greek shipping.
During those pioneering days for the Committee, Greek-owned shipping based in Piraeus was a comparatively small segment of the international Greek-owned shipping community and it relied on the experience and market contacts of the Committee’s members to provide the vital link with the London marine insurance market.
Gradually, due to changing circumstances in the Greek-owned shipping business environment, more Greek shipowners relocated to Piraeus and the Committee members faced new challenges in the provision of their service. In order to satisfy the requirements of the growing Piraeus-based Greek owners, the Committee members successfully diversified their contacts with other important marine insurers in other markets including France, Belgium, Italy, Scandinavia, the United States and the Far East. Such access into a broad range of markets which was not readily available in the past ensured that Piraeus-based Greek shipowners could achieve the most efficient and economic transfer of their property and liabilility risks by using locally based professionals who could now meet such challenges successfully.
Notwithstanding such diversification into other markets, the Committee’s members continued to maintain very strong ties with the London market and they have contributed greatly to the already established relationship with leading Lloyd’s and Companies Underwriters.
In addition, the Committee members successfully expanded their services to their principals to include not only hull and machinery and related insurances, but also Protection and Indemnity, Cargo, Yacht, Freight and Loss of Hire, War Risks, Charterers’ liability and other specialist marine and non-marine covers.
Inevitably, the Committee’s members realized that it became imperative to widen their expert service beyond the placing of risks into the area of claims-handling and risk management.
Co-operation of our members with all the worldwide
markets, but not having a traditional market locally, ensures a truly objective choice of security as well as price to our clients.
During the most recent years, the Committee has opened up its membership to include brokers of equal standing and experience in other areas of insurance such as non-marine and aviation.
The current members of the Committee service approximately 50% of Greek-owned shipping based in Piraeus with all of their insurance requirement, whereas a number of the members already provide services to ship-owners, charterers and other marine related principals in other markets.
Past Chairmen of the Committee have served as Chairmen of the Greek Association of Insurance Companies in and of the International Union of Marine Underwriters , which is a sign of recognition of the international marine insurance markets of the integrity, quality and expertise of the Committee’s membership and its contribution to the Greek and international shipping and marine insurance communities.