FRANKFURT -(Dow Jones)- Euler Hermes S.A. (ELE.FR) said Sunday it has reduced the volume of insurance protection for exports to Greece as it isn't sure that the country will remain in the euro zone.

The insurance company, in which Germany's Allianz SE (ALV.XE) holds a majority stake, will decide next week at its headquarters in Paris about its future business policy on Greece, said a company spokesman in Germany.

"The risk policy will be adjusted due to the increased risk situation" in Greece and the company is acting more carefully, he said.

It is unlikely that Euler Hermes will terminate covering exports to Greece, but can't be ruled out, the spokesman added.

Euler Hermes covers credit risks of German exporters in association with the German government.

By Friedrich Geiger, Dow Jones Newswires, +49 69 29 725 500; friedrich.geiger@dowjones.com