Increase in supervisors capital will need the insurance companies In order to remain viable, if the necessary health measures are not implemented immediately, the president of the Association of Insurance Companies (UAE), Alexander Sarrigeorgiou, said yesterday (22.5.2025) as part of the 25th Insurance & Reinsurance Meeting in Hydra.
Specifically, the amount of additional supervisory funds that insurance companies will need if invoices continue to cover the increasing costs, is estimated at 5 billion eurosaccording to Mr. Sarrigeorgiou.
“If the situation remains as it is, some insurance companies will be forced to limit their benefits, while others may leave the industry,” noted CEO of large insurance.
More specifically, “the calculation currently existing in the market, from data and from a study done is 5 billion euros. If we are currently deficient, we should not put it in the next ten years that there will be a portfolio maturation. The money needs to come in immediately, “another CEO explained.
Today, they are recorded Significant damage to all categories of insurance contractswhich has led to Increases in invoices. However, as the UAE president pointed out, their costs are still increasing, further burdening the industry and making the need for immediate state intervention.
In addition, another burden on customers is the premium tax, as he said: “Our customers do not have tax exemptions for the premiums they pay and, moreover, are charged with 15% premium tax».
At the same time, the government must also deal with the main causes that are reflected in health indicators. Health costs have two dimensionsaccording to the President of the UAE, the new health technology and hospitals lacking competition.
A one is required set of measures, that could include the application of DRG’s (Diagnosis Related Groups) and the increase in available beds in Atticathrough new investments and public and private partnerships (PPPs) with insurance companies.
In particular, for the implementation of DRG’s, Mr Sarrigeorgiou emphasized that “it requires work and must start immediately. The last date I have heard that they will be implemented is 2026. We will have a meeting with the Minister of Health to see that this will be done and then take a lot of attention to the technical part to get Drg’s that does not reflect a reality problematic, but what must be. ”
About PPPs, ‘Companies will assist to to be born hospital beds in state hospitals. This makes sense only if so many beds are born that will affect competition, “because he said,” the point is to increase competition and therefore need it. Much more than 200 beds».
‘I think the state has perceived the value of insurance, but from awareness to legislation may pass years“, Mr. Sarrigeorgiou said, stressing that”Greece is dangerously uninsured. If he finds us something bad, he will find us unprepared. “