Addressing the challenges of keeping insurance premiums affordable in the health sector, reducing the insurance gap in Greece—particularly in property insurance and savings—and leveraging artificial intelligence effectively are key priorities for private insurance.
During the two-day international conference hosted by the Association of Insurance Companies of Greece in Hydra, it was noted that the insurance market is well-positioned to develop a new Health Cost Index. However, this index should not act as a cap on premium increases; otherwise, it could lead to an extraordinary capital requirement of €5 billion, which may be beyond the capability of insurance groups to fully address.
To tackle the existing insurance gap in Greece, industry leaders advocated for changes in tax policy. They suggested introducing more tax incentives to make insurance more appealing to the average Greek citizen and taxpayer.
Concerning natural disasters, it was highlighted that losses have risen by 5% to 6% annually over the past three decades, underscoring the necessity for businesses to secure insurance. It was also noted that among companies required to insure against natural disasters, only 40% had obtained coverage by June 1.
On the topic of artificial intelligence, it was emphasized that insurance companies are actively investing in new technologies and specialized human resources to enhance the speed, efficiency, and cost-effectiveness of their services.
