Tax incentives, the proper utilization of technology and strategic synergies with other sectors of the economy are key factors that will determine the future of private insurance in Greece and the cost of insurance services, Robert Gauci, CEO of Ethniki Insurance, Nikos Chalkiopoulos, CIO of European Reliance and Nikos Antimisaris, CEO of ERGO Hellas said on Friday addressing an event organized by the Hellenic Association of Insurance Companies on the island of Hydra.
Focusing on the issue of digitization, Gauci stressed the importance of technology for the future of the sector, adding that the facilities offered are not against insurance mediation, on the contrary, they help it to provide upgraded services.
On his part Chalkiopoulos, referring to the impact of taxes on insurance products, underlined that 1/4 of the companies’ loss ratio corresponds to tax burdens. For this reason, he explained, the insurers have already proposed to the state the replacement of the insurance premium tax by the VAT in order to allow the tax offset. He also said that the reasons for the mandatory support of the state do not exist anymore. Therefore, the government must provide tax incentives, as many of the premium increases imposed over the last years have been the result of tax policy.
