Insurance

Insurance turnover posts growth

The year's first five months showed an increase in the insurance business by 12.1%, compared to January-May 2023, part of which is fueled by the increase in premiums, as well as the growth in sales for residential and business insurance after the catastrophic advent of Storm Daniel last September. 

Plenty of scope for growth of private healthcare insurance

Greeks spent 5.9 billion euros out of pocket for medical services in 2022, when the public spending was €10.9 billion.

This puts Greece at the bottom of the EU rankings, with state healthcare expenditure at 61.8% of total health spending, but at the top of the rankings in private health expenditure at 33.4%.

Expenditure through private insurance was limited to €712.4 million.

New fire protection regulation - What fire safety measures 1 million owners need to take

It concerns those who have property near a forest or grove, even in towns or villages - 31 May is the deadline for submission of the study - Who can draw up the study - The controls, the fines and the attitude of insurance companies

Social security system misses out on a windfall

The passive management of the social security system's reserves has led to large losses.

If the reserves of the funds had been invested in the two mutual funds managed by the now-defunct Social Security Foundation (IKA) from 2002, when the law first allowed for more active management, the return would have been 18.5 billion euros, despite the bond haircut during the debt crisis.

More years of work, lower pensions

Today's teenagers, the children born during the debt crisis of the previous decade, who will enter the labor market around 2030, will be able to retire at the age of 72.5 having worked at least 38.5 years, according to the European Commission's 2024 Aging Report - Economic and Budgetary Projections for the EU Member-States 2022-2070. 

Extreme weather, extreme cost

The cost Greece pays due to extreme weather phenomena is now 50 times more compared to 2013, and these are costs paid by the state, the citizens, and large and small businesses. The latter indeed paid a heavy price in 2023, especially in areas affected by extreme weather events, such as Thessaly.

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