NBG » Topics » Property-casualty reserves

This excerpt taken from the NBG 20-F filed Jul 15, 2005.

Property-casualty reserves

        Ethniki Hellenic General Insurance Company ("EH"), the insurance company of the Group has consistently made a provision for loss reserves by estimating the potential liability on a claim-by-claim basis. Activity in the liability for unpaid claims and claim adjustment expenses is summarized as follows:

 
  Year ended December 31,
 
 
  2002
  2003
  2004
 
 
  (EUR in thousands)

 
Reserve for unpaid claims and claim adjustment expenses as at January 1,   429,350   425,949   459,163  
Incurred claims and claim adjustment expenses:              
  Provision for insured events of the current year   198,264   188,993   175,297  
  Change in provision for insured events of prior years   (25,001 ) 12,804   38,833  
   
 
 
 
Total incurred claims and claim adjustment expenses   173,263   201,797   214,130  
Payments              
  Claims and claim adjustment expenses attributable to insured events of the current year   (78,735 ) (69,023 ) (66,116 )
  Claims and claim adjustment expenses attributable to insured events of prior years   (113,649 ) (117,375 ) (109,103 )
   
 
 
 
Total payments   (192,384 ) (186,398 ) (175,219 )
Changes in unearned premium reserves   15,720   17,815   (25,165 )
   
 
 
 
Reserves for unpaid claims and claim adjustment expenses as at December 31,   425,949   459,163   472,909  
   
 
 
 

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