Greek insurance market has around 13 bln euros for investments

The Greek insurance market has around 13 billion euros available for investments. Restoring confidence in the Greek economy is certain to lead to a repatriation of capital by several insurance companies -which have invested in foreign state bonds. This will have a multiplying impact on the Greek economy and the sooner it happens the better, Alexandros Sarrigeorgiou, CEO in Eurolife ERB told ANA in an interview.

Sarrigeorgiou said the biggest challenge for the domestic insurance market was to cultivate an insurance consciousness to Greek citizens. “Our country among developed countries is an example of low percentage of insured people. We must move towards a cooperation between private insurance and a social state to offer efficient solutions and protection. There are two basic conditions: to strengthen a sense of security for every citizen choosing an insurance company and to develop a cooperation with the state towards this direction,” he noted. He added that in the critical sectors of health and pensions -hit by an economic crisis- private insurance could offer sustainable solutions -in cooperation with the state- to the benefit of all parties as it has the know-how and the experience to resolve these issues.

Sarrigeorgiou stressed that radical technological development is changing insurance activity and creates new challenges and opportunities. He noted that a significant challenge was to resolve a phenomenon of uninsured vehicles.

He said that a new supervisory framework Solvency II created a dynamic environment with significant developments, adding that “both the crisis and the demands of Solvency II were leading the sector towards mergers and acquisitions. The insurance sector is dynamic and it is obvious it will continue developing and changing”.

Sarrigeorgiou said Eurolife ERB was implementing a strategy of differentiated distribution, operating as a strong player in bankassurance through a cooperation with Eurobank and New Post Bank branch networks and has developed a network of more than 1,000 insurers around the country.
He said that demand in the insurance sector was focusing on health, followed by pension programs and property.