Analysts estimate Allianz, Fortis, and Munich Re have large exposures to Greece

"We estimate Allianz has €3.6bn Greek government bond exposure," said the US investment bank in a note to investors, adding that it expects Allianz to mark down a total of €154m after taking away life policyholders' share and tax.

JP Morgan also estimates embattled Dutch insurer Fortis to have as much as €3.15bn of exposure to the country, which revealed last year that its budget deficit had hit 12% of the country's gross domestic product.

It added that it expects Munich Re to have €1.5bn of exposures to the country.

It expects Munich Re to mark down a total of €74m after life policyholders' share and tax.

JP Morgan said it does not expect any writedowns from Allianz through the profit and loss in the fourth of quarter of 2009, but did not expand further on its expectations for 2010.

It added that Allianz' share price fall - nearly 8% in the year to date - was "oversold", adding that the company was a beneficiary of new found pricing discipline in German motor, of rising Italy motor premium rates, and of a turnaround in credit insurance.