Nov 30, 2018

40th anniversary celebration

In a glorious celebration, honoured by more than 300 guests with their presence, GENIKI PANELLADIKI celebrated its 40th foundation anniversary, and with its founding members, management, employees and associates drew up a strategy that will lead the company to another 40 years of successful operation.

The event was opened by the Chairman of the Board of Directors, Mr. Theodoros – Vasileios Karamitros, who, referring to the “co-operative miracle” of GENIKI PANELLADIKI, said among other things: “Today’s event is to thank all our Members, the Board of Directors that have managed to date our Cooperative since its beginning in July 1978, our Policyholders, our Employees and our Associates, who have actively contributed with their dedication, offering, hard work and support to the steady growth of our Cooperative and to its recognition as a top insurance company in its operation sector over all these years.

GENIKI PANELLADIKI, the Board of which I have had the honour of presiding over for almost ten years now, is without a doubt and for many reasons a model organization. It is the realization of a co-operative endeavour, which began in 1978 by a small group of professionals and which today has developed into a strong multidimensional insurance entity, responding to the purpose of its creation with outstanding performance. GENIKI PANELLADIKI changed everything we once knew about Cooperatives in Greece. Under the guidance of the inspiring Managements of the late Aggelos Vasileiadis, of Spyridonas Spiliotis and of those over the last ten years, it overcame every obstacle and in the course of 40 years it managed to give meaning to the word GENIKI (General) which refers to the insurance sector, in which it operates, and most importantly to the word PANELLADIKI (PanHellenic) as it literally united the tourist transport sector throughout Greece. The 58 members in Athens became 2000 throughout the country! The 100 tourist buses we had back in 1978 are now more than 5.000! The two initial employees have turned into 35, and, finally, our state of the art owned offices at Syntagma, our branch office in Thessaloniki and our customer service office in Chania bear no resemblance to the first head offices of GENIKI PANELLADIKI on Kidathinaion Street.”

In his closing remarks, the Chairman of the Board highlighted the timeless values that have defined GENIKI PANELLADIKI since its foundation, namely mutual support, reliability, integrity, ethos, credibility and team spirit, and expressed his belief that the company is now ready to embark on the next 40 years of operation with even greater force, increasing growth and productivity for everyone.

The Managing Director, Mr. Efstathios Froussos, thanked the Board of Directors and the members for the confidence they had placed in him over the last 20 years, and highlighted the significant economic performance achieved by GENIKI PANELLADIKI:

“As regards the growth of our operations, our capital base and profitability, I believe the figures speak for themselves. The gross premiums written of GENIKI PANELLADIKI show an increase of more than 24% since 2015, while the forecast for the end of 2018 – according to the information we have so far – is that our production will close at 7.7 million EUR. Our goal is for our gross premiums written to have exceeded 8.5 million EUR by 2020, while during the 2015-2017 three-year period paid claims amounted to 6.2 million EUR. At the end of the year, our capital base will have risen to 11.3 million EUR, while GENIKI PANELADIKI’S own funds are aimed at reaching 14.5 million EUR in 2020. As for Solvency II, GENIKI PANELLADIKI, which as every insurance company in our country is supervised by the Bank of Greece, has one of the highest solvency ratios in our market, which today reaches 230%, and our objective is for our capital adequacy with appropriate risk management to exceed 250% in the next two years. Today, GENIKI PANELLADIKI holds the largest market share in the field of tourist bus insurance, with a percentage reaching 65%, while our objective is for it to exceed 70% in the next two years.”

Referring to the management’s immediate future plans, after noting that GENIKI PANELLADIKI since January 2018 is an equal member of the Agreement for Immediate Settlement of Damage caused by Road Accidents – ASS and by the end of December will be an equal member of the Hellenic Association of Insurance Companies, Mr. Efstathios Froussos pointed out that: “As a modern specialized insurance company, we have invested – and continue to do so – in a highly educated workforce, and in IT systems and applications which will simplify the procedures for our policyholders and associates. At the same time, we are completing a series of customer–driven applications which will provide essential services to our policyholders and bus drivers. In this context, we are constantly updating our IT applications on the undertaking and managing of risks, we are issuing our policies and handling claims at very high speed and are broadening our covers by adding new services and special privileges. Moreover, we co-operate with reliable insurance companies to provide our policyholders with Road Assistance, Legal Protection and Accident Care services and we are simplifying and systematizing our procedures and communication with policyholders and associates by achieving ISO quality certification. Finally, we are bringing innovation to the bus insurance sector, by creating a new generation of innovative bus insurance plans with the use of telematic technology.

In the conclusion of his speech, the Managing Director of GENIKI PANELLADIKI presented the company’s new face, with a new logo and refreshed corporate image, which will accompany it, as it embarks on the journey for the next 40 years with the motto “Always there, wherever you are”, with the promise that you will never be alone, without cover! We will always be beside you!


During the event, the management presented awards to its founding members for their vision, dedication and loyalty to the insurance institution and their critical contribution to the growth and development of GENIKI PANELLADIKI over the past 40 years. Awards were also presented to employees, who support the company’s outstanding course on a daily basis, and to selected insurance agents, who over the years have contributed significantly to the company’s growth and increase in its market share in the tourist coach insurance sector.

This moving evening came to an end with a banquet, during which the guests had the opportunity to exchange views, reminisce and commit themselves to always being there, at GENIKI PANELLADIKI’s side for its next 40 years of operation.