Maintaining free pricing of insurance premiums in the health sector, reducing the insurance gap in Greece, especially in property insurance and savings, and making more effective use of artificial intelligence are three of the main challenges for private insurance.
As highlighted at the two-day international conference of the Association of Insurance Companies of Greece in Hydra, the insurance market is positively positioned to formulate a new Health Cost Index, as long as it does not function as a ceiling for premium increases, as in this case extraordinary capital needs of 5 billion euros will be created, which it is doubtful whether insurance groups will be able to cover in full.
In order to bridge the insurance gap observed in Greece, the executives called for a change in the tax policy, providing for more tax incentives in order to make insurance more attractive to the average Greek citizen and taxpayer.
Regarding natural disasters, it was emphasized that losses have been increasing by 5%-6% on an annual basis over the last 30 years, a fact that highlights the need for businesses to insure. In fact, it was clarified that of all companies that are required to insure against natural disasters from June 1, only 40% have such coverage.
On the issue of artificial intelligence, it was pointed out that insurance companies are systematically investing in new technological means and applications and in human resources with specialization in the sector, in order to make the provision of insurance services faster, more efficient and at the same time more economical.
