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Kostis Spyrou Publisher

TLuddites and AI: A Parallel with Insurance Intermediaries

his issue of Nextdeal, our now-established special anniversary edition accompanying the International Insurance and Reinsurance Conference of Hydra — a long-standing institution — focuses in particular on the impact of artificial intelligence on the insurance sector. Perhaps for the first time in the Greek insurance market, industry leaders are presenting in-depth views on this topic at such a wide scale.

As an opening piece, we chose to ask AI (ChatGPT) to contribute an article with the following title: "Luddites and Artificial Intelligence: A Parallel with Insurance Intermediaries." Here is the response:

In the early 19th century, the Luddites — a group of English textile workers — violently opposed the mechanization of their trade, destroying machines they believed threatened their livelihoods. Their resistance wasn’t against technology itself, but against the loss of control, security, and dignity in a rapidly changing economic landscape.

Two centuries later, a similar unease is emerging among insurance intermediaries. The rapid integration of artificial intelligence (AI) in the insurance sector is raising legitimate concerns: automated platforms now offer product recommendations, process applications, manage claims, and “learn” customer needs based on data. So where does that leave the human intermediary?

These concerns are not unfounded. Like the Luddites, intermediaries today feel that technology may sideline the human element of their profession. However, unlike in the past, there is now greater potential for coexistence. AI — at least for now — cannot fully replace human empathy, judgment, and interpersonal communication — qualities that experienced professionals bring to the table.

The challenge, therefore, is not to reject technology, but to harness it. The modern intermediary can evolve into an advisor who leverages AI tools to provide better, more personalized, and more efficient service. Instead of fearing change, they can use it to their advantage.

The story of the Luddites reminds us that technological progress cannot be stopped — but it can be shaped in ways that enhance, rather than eliminate, the human role. For the insurance industry, the real question is not technology versus humans, but technology alongside humans.

P.S. As far as we at Nextdeal and our journalistic work are concerned, the text you just read is yet another example of the value of the human factor. Even though it is a product of artificial intelligence, if a human hadn't come up with the initial idea for the article, it could never have been produced by AI.

And one more thing — in Greek journalism, a code of ethics was recently introduced for the use of AI by journalists — something that does not yet exist in any other European country.

So it's important to remember that every new technology is not the problem. The problem may lie in how it is used.

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Alexandros Sarrigeorgiou

Chairman, Hellenic Association of Insurance Companies

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Insurance as a Pillar of Resilience

Τοwards a Protected Society and a Sustainable Economy

In an era of constant and multidimensional challenges, the role of insurance is more critical than ever. Climate change and natural disasters, geopolitical tensions, and demographic shifts compose a complex risk landscape that affects citizens, businesses, and states alike. Within this dynamic and uncertain environment, insurance stands as a pillar of protection, assurance, and economic stability. Insurance is not merely a compensation mechanism. It is a system that functions for the benefit of society. It provides coverage and recovery in cases of disasters or personal loss, ensures continuity of productive activity, protects property, and provides incentives for citizens to save. Especially in countries like Greece, where savings levels are particularly low and citizens are expected to cover a large portion of unexpected expenses out-of-pocket, insurance coverage becomes critically important.

Unfortunately, despite the significant progress made in recent years, we still lag far behind European standards. Insurance penetration in our country is at one-third or even one-fourth of the European average. As a result, a large number of our fellow citizens remain uninsured and, therefore, exposed to risks that could be adequately and effectively covered through insurance. This reality burdens not only the individual but also the welfare state and the broader economy.

Especially in countries like Greece, where savings levels are particularly low and citizens are expected to cover a large portion of unexpected expenses out-ofpocket, insurance coverage becomes critically important

The Hellenic Association of Insurance Companies has set as one of its main objectives the strengthening of insurance awareness and citizens’ trust in the institution of insurance. Toward this goal, we are implementing awareness-raising actions and campaigns to help citizens understand how insurance can offer them meaningful protection throughout all stages of their lives. At the same time, we submit specific and well-documented proposals on major issues concerning Greek society, with particular emphasis on natural disasters, access to healthcare services, and the enhancement of supplementary pension savings. The Association works systematically with the State and all relevant stakeholders to shape a modern, functional, and effective insurance ecosystem.

On the part of the State, it is particularly positive that the key role of insurance in social cohesion and economic resilience has been acknowledged. It is encouraging that in the field of natural disasters, substantial steps have been taken—such as providing incentives through the reduction of ENFIA (property tax) for homes insured against natural disaster risks, and the mandatory insurance of businesses with a turnover exceeding €500,000 against risks such as floods, fires, and earthquakes.

These are institutional interventions that strengthen prevention and reduce future burdens on the state budget. However, these actions must be reinforced, and at the same time, disincentives—such as the insurance premium tax—must be removed in order to timely reduce the significant protection gap that exists in Greece: where less than 20% of homes are insured against natural disasters, and where the corresponding percentage for businesses is estimated at 40%.

Synergy among all forces is required in order to achieve the transition from a society with low insurance penetration to one with genuine and universal insurance protection. The State, institutions, insurance companies and civil society must act together, guided by a shared grounded in a common vision: a Greece where every citizen and every business has access to reliable and adequate insurance protection.

The world is changing rapidly. Risks are becoming more complex and unpredictable. Insurance is the tool that enables us to remain stable amid volatility, to protect what we have built with effort, and to secure a more resilient and safer future. Insurance protection is not a superfluous expense—it is a life investment.

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Elina Papaspyropoulou Director General, Hellenic Association of Insurance Companies

Bringing Insurance Closer to Everyone

Insurance is one of the most important protection mechanisms for the modern citizen. In a world full of variables – from the climate crisis and demographic pressures to technological advancement and evolving social needs – the insurance market stands at the forefront, offering solutions that enhance the resilience of both society and economy.

The Hellenic Association of Insurance Companies (HAIC), with its consistent institutional presence in the sector, works continuously to bring insurance closer to everyone. We aim to strengthen awareness, trust, and penetration of the insurance institution within society through coordinated initiatives, cooperation and participation in international bodies.

Critical issues for the economy and society as a whole lie at the core of our activities. We are deeply concerned about the need for broader insurance protection against natural disasters. We propose practical solutions for insuring homes and businesses, in alignment with the framework set by the State, seeking to shield citizens from phenomena that are intensifying due to climate change. At the same time, we place strong emphasis on the health sector and supplementary pension savings, acknowledging the growing needs of the population.

HAIC remains a stable and credible partner of the State on insurance-related matters. We present policy proposals, participate actively in public dialogue, and contribute to shaping strategies that strengthen the role of insurance as a tool for prevention, protection, and social cohesion.

We also act as a forum for the exchange of views and best practices among our member companies. We encourage collaboration, knowledge sharing, and the development of joint initiatives that improve the quality of services offered to both citizens and businesses.

We consistently invest in awareness and relationship-building with the younger generation. Our aim is for young people to understand the value of insurance in their lives and to explore the career and employment opportunities the insurance industry offers. Through university partnerships, scholarships, and networking activities, we are building today the future of the insurance community.

We place particular emphasis on prevention — a fundamental principle of insurance philosophy. We focus especially on road safety and tackling traffic accidents, through awareness campaigns, educational initiatives, and collaborations with institutional bodies, aiming to promote a culture of prevention that saves lives and reduces the social and economic impact of accidents.

Sustainability is also a key priority for the Association and its members. Acknowledging the sector’s role in promoting responsible business practices and supporting the green transition, the insurance market is integrating ESG criteria into its strategies and policies.

Today, insurance is more than ever a pillar of responsibility and care. At HAIC, we work every day to highlight its importance for every citizen, at every stage of life.

Lampros Karageorgos Editor in chief

Insurance industry news is increasingly gaining prominence on both the domestic and international economic and social agenda, highlighting the importance of the role of Private Insurance in a structured society of the Western world, such as the Greek one. Going through the challenges faced by the Private Insurance market over the last decade, it is easy to understand the magnitude of the effort made and the substantial results achieved.

The initial adaptation to the demanding European Supervisory Framework of Solvency II in 2016, the management of the pandemic's impact in 2020, the response to unpredictable natural phenomena, but also the intense economic fluctuations of the past decade are just some of these challenges. At the same time, in recent years, the Greek insurance market successfully managed its broad transformation due to successive mergers and acquisitions.

A significant challenge, however, common to both the Private Insurance market and the Supervisory Authority, is the integration of the upcoming revision of the European Supervisory Framework "Solvency II". The initial implementation of this demanding supervisory framework for insurance and reinsurance undertakings, in 2016, included a review process after a reasonable period. The revision was initiated with an opinion by the European Insurance and Occupational Pensions Authority (EIOPA) in 2019 and, after consultations, it led to the publication of the revised Directive in January 2025.

This revision was an opportunity for improvement for both consumers and the insurance market at a European level. The co-legislators, the European Parliament and the Council, have already reached an agreement on the Level 1 text, while the Level 2 technical details are already being developed by the European Commission and EIOPA. The proper design of the Technical Standards will enhance the investment capacity of insurance undertakings, ensuring their competitiveness and maintaining a high level of protection for policyholders.

More specifically, the new framework enhances the proportionality, sustainability and stability of the insurance sector in the EU by reducing supervisory require -

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The Greek insurance market is adequately capitalized

ments and administrative burdens for small and non-complex undertakings, while simplifying procedures and reducing the frequency of reporting. Additionally, incentives are introduced to create surplus own funds, aiming to improve competitiveness and risk-taking capacity. At the same time, cooperation between supervisory authorities on cross-border activities and group management is promoted. New levels of requirements are introduced to address risks, such as liquidity and sustainability plans, while climate scenarios are added to the Own Risk Solvency Assessment (ORSA). The revised framework enhances the adaptability of undertakings and supervision to current and future challenges in the insurance sector.

In parallel with the changes introduced by “Solvency II” review framework, the insurance market is required to comply with the requirements of the Insurance Recovery and Resolution Directive (IRRD). Targeting at protecting policyholders and ensuring financial stability in the European Union, the new Directive mandates the obligation for insurance undertakings to prepare recovery plans and, respectively, the obligation for supervisory authorities to develop resolution plans for insurance undertakings. Additionally, further supervisory tools will strengthen the role of supervisory authorities in the implementation of resolution measures. The implementation of these regulatory frameworks enhances the flexibility and resilience of the sector, allowing insurance undertakings to address increasing challenges and risks, while at the same time strengthening the pro-

When the effects of low insurance penetration are combined with the consequences of climate change, the importance of the insurance market's role in addressing risks from natural disasters proves apparent.

tection of policyholders and market confidence.

For 2024, the key basic insurance figures of insurance undertakings based in Greece were more than satisfactory, confirming the capital adequacy of the market. The total assets of insurance undertakings supervised by the Bank of Greece (BoG) amounted to €21.2 billion, (€7.5 billion of which were invested in government bonds and €2.9 billion in corporate bonds), while total liabilities amounted to €17.5 billion, with total technical provisions amounting to €15.8 billion.

Own funds amounted to €3.8 billion, with the total Solvency Capital Requirement (SCR) at €2.1 billion (with total eligible own funds of €3.7 billion) and the Minimum Capital Requirement at €0.7 billion (with total eligible own funds of €3.4 billion). Accordingly, the SCR coverage ratio stood at 173% and the MCR coverage ratio at 455%.

Back to the challenges of the next day, a priority for the Bank of Greece is monitoring the value-for-money of investment insurance products and enhancing consumers' understanding of the associated risks. In cooperation with EIOPA, supervisory tools are being developed to prevent unfair practices by insurance undertakings and intermediaries. The complexity of the products requires continuous monitoring by undertakings to ensure quality, while the supervisory authority focuses on consumer protection.

However, addressing the insurance protection gap is a long-standing challenge for the insurance market, as it affects not only uninsured citizens but also the overall economic resilience of the country.

Among the challenges of the next day is the digital transition of the insurance market. The penetration of insurance undertakings into new products and new markets is linked to continuous technological developments, so that by improving their operations and products, they enhance their competitiveness in the market. Through Artificial Intelligence and Big Data, insurance undertakings improve risk assessment and develop innovative products that respond to the changing needs of society. The use of advanced technological tools leads to more efficient pricing, reduced operating costs, and limitation of insurance fraud, while also providing a higher level of service to policyholders. In the context of technological issues updates and the risks related to information system security, the implementation of the European Regulation DORA is also included. Since January 2025, the European DORA Regulation has been in force, imposing strict requirements for digital operational resilience in the financial sector. Insurance undertakings, from now on, are required to systematically manage the risks of their information systems, address technological incidents, and conduct resilience testing to ensure, even in times of crisis, the safe and effective operation of their systems.

The Greek Insurance Market is going through a period of significant challenges which, however, also offer opportunities for innovation and growth. Adapting to new regulatory requirements, recognizing the importance of digital transition, effective risk management and human resource training are some of the crucial steps for the sustainable development of the sector. Insurance undertakings that will successfully adapt to these challenges will be able to emerge as leaders and offer strong solutions for the Greek economy and society. In this direction, the Bank of Greece will continue to work tirelessly so that supervised entities and consumers feel and, above all, are safe.

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94,607 91,711

AEΓΑ 90,6 80,033

79,4 66,9

59,346 51,691

53,189 47,778

43,1 35,7

40,8 39,7

28,99 25,677

SOLVENCY REPORTS 2024:

Τhe production of all insurance companies

The premium production of the 27 insurance companies that released their solvency reports and show a productive activity, reached 5,45 billion Euros in 2024, an increase of approximately 8% compared to 2023, according to the data processed by “Next Deal”. The vast majority of companies recorded an increase in insurance production, with the ten largest companies maintaining their market share (87,2%) in total production, as they show an overall production of 7,8%. Below there is a brief presentation of the ten largest Groups, as well as tables with the solvency and premium production of all insurance companies.

PREMIUM PRODUCTION

NN HELLAS: The company's operating result amounted to 90,2 million Euros, an increase of 42,3 million Euros, compared to the operating result of 47,9 million Euros the previous year. Profit before tax under IFRS increased by 63,1 million Euros in 2024, reaching 87,4 million Euros, compared to 24,3 million Euros in 2023.

The supervisory gross written premiums amounted to 950,4 million Euros, recording an increase of 68,5 million Euros, compared to 881,9 million Euros in 2023, due to higher

premiums in the portfolio of index-linked and unit/index linked insurance products, as well as higher premiums in health and accident insurance.

This increase was partially offset by lower single premiums in group pension products and lower premiums in Life insurance products, due to the fact that the corresponding portfolio does not carry new production.

results, confirming once again its strategic role in the field of Private Insurance in Greece.

ETHNIKI INSURANCE: In 2024, ETHNIKI Insurance achieved strong production

SOLVENCY RATE

Total premium production for 2024 reached 850,3 million Euros (2023: 734,3 million Euros), due to its strong performance in both Life and General Insurance. Of the total premium production in 2024, written premiums of 620,0 million Euros relate to the Life & Health sector (2023: 530,6 million Euros), while 230 million Euros relate to written premiums in the General Insurance sector (2023: 203,7 million Euros). ETHNIKI Insurance continues to have a strong presence in the Greek Insurance Market, with a 14,6% share of gross written premiums, maintaining sufficient capitals, that allows the company to effectively offer services to its policyholders.

Solvency Reports, in million

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EUROLIFE: During the fiscal year 2024, Eurolife Life's total premium production amounted to 589,6 million Euros, recording an increase of 12% compared, to the previous fiscal year (2023: 527,9 million Euros). A significant share of this production is held by sales of single premium policies. In total, for 2024, these sales amounted to 329,8 million Euros, compared to 283,3 million Euros in 2023. The company's pre-tax profits amounted to 141,0 million Euros, compared to 152,4 million Euros in 2023.

Eurolife Insurance recorded total premium production of 90,6 million Euros during in fiscal year 2024, an increase of 13%. This is due to the increased production in all lines. In particular, the Property line increased by +12% compared to 2023, the Motor line amounted to 38,6 million Euros, presenting an increase of 15% compared to 2023, while the premium production of the other insurance lines amounted to 12,3 million Euros, showing an increase of 12% compared to 2023. Profits before taxes amounted to 9,3 million Euros in 2024 (2023: 4,3 million Euros). In total, the production of the two companies amounted to 680,2 million Euros.

Euros to Non-Life insurance (Non-Life and Health insurance products), recording an increase of 9% compared to 2023 (premium income 2023: 432 million Euros). The pre-tax results of the company and its subsidiaries amounted to a profit of 24,3 million Euros in 2024, compared to 24,1 million Euros in profit in 2023.

INTERAMERICAN ASSISTANCE, member of the Achmea Group, operates in Greece and provides insurance services in the Non-Life sector. Total premium production for the year 2024 amounted to 43,1 million Euros for NonLife insurance, recording an increase compared to 2023 by 7,4 million Euros. The company's pre-tax results amounted to 0,7 million Euros in profits for 2024, compared to 0,2 million Euros in losses in 2023.

The total production of the two companies amounted to 514,1 million Euros.

2024. The company recorded a profitability after the income tax assessment of 22,7 million Euros in 2024.

ERGO HELLAS: The total gross written premiums (including investment contracts) for the year 2024 amounted to 275,7 million Euros, remaining stable compared to the year 2023, of which 254,3 million Euros are related to Non-Life insurance activities and 21,4 million Euros to Life insurance activities. The company's after-tax result for the year 2024 according to IFRS 17, was formed to a profit of 36,8 million Euros, compared to a profit of 27,0 million Euros in the previous year, while the main positive impact is coming from NonLife insurance activities, due to the reduced claims costs, since during the year 2023 the company's result was affected by the occurrence of catastrophic events caused by natural phenomena.

million Euros.

INTERLIFE: In 2024, INTERLIFE increased the production of gross written premiums by 6,96%, reaching 100,34 million Euros, while insurance income increased by 11,77% to 98,98 million Euros. The insurance result for the fiscal year 2024 amounted to a loss of 2.490.006,98 Euros, compared to a loss of 3.517.749,32 Euros, in 2023. After deducting operating and other expenses of 3.690.442,54 Euros, for the fiscal year 2024, the company presented pre-tax profits of 14.772.254,11 Euros and post-tax profits of 11.737.423,10 Euros.

GENERALLI HELLAS: For the year 2024, gross written premiums exceeded half a billion Euros, reaching the high level of 550,7 million Euros, increased by 8,2% in comparison to 2023. In order to develop and strengthen the core activities, premiums are divided into 253,5 million Euros in Life insurance and 297,2 million Euros in General Insurance. The recorded increase, which derived from all sectors of activity, reached 7,0% in Life sector and 9,2% in the General Insurance sector. GENERALLI Hellas managed to achieve strong performances in its profitability through organic growth, despite the ongoing pressures in the insurance sector due to intense competition, with a positive operating result of 39,7 million Euros and a Net Result of 22,9 million Euros, according to IFRS.

INTERAMERICAN: INTERAMERICAN, a member of the Achmea Group, operates in Greece and provides Life and Non-Life insurance services. Total premium income for the year 2024 amounted to 471 million Euros, of which 49 million Euros are related to Life insurance (Life and Investment-linked Life insurance products) and 422 million

ALLIANZ:The company, which is a member of the Allianz Group, operates in Greece and Cyprus, providing Life and Non-Life insurance services. The company's total written premium production for the year 2024 amounted to 436,4 million Euros, of which 115,8 million Euros are related to Life insurance (including Unit-Linked production) and 320,6 million Euros to Non-Life insurance. The company's pre-tax results under IFRS amounted to 13,4 million Euros for 2024. Greece is the company's largest market in terms of net premiums written, which amount to 260,1 million Euros and Cyprus to 3,5 million Euros. In Greece, Third Party Liability from land vehicles is the largest production sector, with registered production of 116,6 million Euros, while the Land Vehicle technical sector had the largest contribution to the company's positive net technical result.

ALPHA LIFE:In 2024, Alpha Life continued its upward trend, presenting an increase in premium production and the number of insurance policies, strengthening its presence in the Greek Life Insurance Market. In summary, in 2024 the company recorded the following figures compared to 2023: Increase in the insurance portfolio in force from 76.625 on 31/12/2023 to 81.564 policies on 31/12/2024. Increase in gross written premiums by 9%, from 267 million Euros in 2023, to 291 million Euros in 2024. Increase in the investment portfolio and cash reserves (Assets under Management) from 1,015 million Euros in 2023 to 1,221 million Euros in

GROUPAMA: In 2024, the company's production fell below the psychological threshold of 200 million Euros and decreased to 198,2 million Euros (including investment products), compared to 212,7 million Euros of the previous year. The company's pre-tax operating result based on IFRS 9 and IFRS 17 standards, amounted to a loss of 1,2 million Euros in 2024, which comes in addition to an additional loss of 4,1 million Euros in 2023. The Net Combined Ratio in the Non-Life and Health sectors, amounted to 109,5%!

YDROGIOS INSURANCE: In 2024, YDROGIOS Insurance recorded an increase in production of 3,2% compared to 2023, with the total production of written premiums amounting to 94,6 million Euros. In the Vehicles Third Party Liability, Land Vehicles, Legal Protection and Assistance sectors, an increase of 1,2% was recorded, while in the Fire sectors (Fire and natural disasters, Other Property Damage and Miscellaneous Financial Losses), the increase amounted to 18,9%. In 2024, the PreTax Results based on the new standards, amounted to 9,9 million Euros compared to 7,2 million Euros in 2023 and the Results after Tax amounted to 7,8 million Euros compared to 5,4 million Euros in 2023.

INTERSALONICA: The significant pricing adjustments affected, within the expected range, the company's competitiveness in specific fields/uses, resulting in a decline in the production of written premiums by 8,7% (2024: 128.447.121 Euros, 2023: 140.679.566 Euros). The investment portfolio performance was at a high level, as the strategy of placing a significant part of it in domestic securities continued to pay off, presenting total profits of 17,9 million Euros (interest and dividend income of 6,3 million Euros, sales gains of 1,9 million Euros and valuation gains of 9,7 million Euros), with the largest percentage of these deriving from domestic equity securities. INTERSALONIKA LIFE recorded in 2024 a production of premiums of 3,92 million Euros and in total the two companies 132,1

ΜΙΝΕΤΤΑS INSURANCE: Total premium production amounted to 79,4 million Euros, recording an annual increase of +18,6% compared to 2023. The technical result improved by +23,4%, something that confirms the effectiveness of the risk-taking policy and the consistent development of the insurance portfolio. Profits for the year 2024 amounted to 2,7 million Euros (2,8 million Euros before the impact of IFRS 17). The formation of the above results is attributed to the increase in net earned premiums by +20,1%, the improvement of the technical result, which shows an increase of 3,1 million Euros, as well as the positive result deriving from investment income.

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Μέλος του Group

ATLANTIKI ENOSSI: The written premiums of ATLANTIKI ENOSSI during the fiscal year 2024, amounted to a total of 59.346.490,01 Euros, compared to 51.691.810,46 Euros during the previous fiscal year, recording an increase of 7.654.679,55 Euros and a percentage of approximately 14,81%. The COMBINED LOSS RATIO of the Motor Third Party Liability Sector was formed for the fiscal year 2024 at 93,2%. Also, the COMBINED LOSS RATIO of the remaining General Sectors was formed for the fiscal year 2024 at 62,9%. Profits before taxes amounted to 7.593.871,46 for the fiscal year 2024, compared to 6.028.423,11 Euros for the previous fiscal year, presenting an increase of 1.565.448,35 Euros and a percentage of 25,97%.

NP INSURANCE: The total production of written premiums of NP INSURANCE for the year 2024, amounted to 53.189.605 Euros, recording an increase of 11,3% compared to the previous fiscal year. The company's results after taxes, according to the Balance Sheet under IFRS (International Financial Reporting Standards) amounted to 9.363.764 Euros for the year 2024, compared to 13.100.276 Euros in 2023.

INTERASCO: The Company's Pre-Tax Result was a profit of 718.000 Euros for the fiscal year 2024 compared to a Loss of 639.000 Euros in the previous fiscal year. The result of 2024 comes from an improvement in technical results, in comparison to 2023. The company presents a decrease in its insurance income by -2.6% (from 40,8 million Euros in 2023 to 39,7 million Euros in 2024). Specifically, the other General Insurance sectors present an increase of 6.1%, while the Motor sector presents a decrease of 14%.

thousand to Non-Life insurance, recording an increase of 12,9% compared to 2023. The increase derived from both General Insurance, by 14,3% and Life Insurance by 3%. In 2024, the company recorded pre-tax losses of € 399 thousand compared to profits of € 503 thousand in 2023. Equity as of December 31, 2024 amounted to € 27,119 thousand.

SYNDEA: SYNDEA's total premium production for the year 2024 amounted to € 28,990 thousand, of which € 4,332 thousand are related to Life insurance and € 24,658

DYNAMIS INSURANCE: The total premium production of DYNAMIS INSURANCE for the year 2024 amounted to 28,62 million Euros, recording an increase of 20,29% compared to the previous fiscal year. The increase derived through the development of its partners network. The company's result, after taxes, amounted to 754,09 thousand Euros in the

year 2024, compared to 622,77 thousand Euros during the previous year.

an increase of 5,3%. Operating profits before taxes are at approximately the same level as in the previous years and amount to 1,3 million Euros. Profits for the year before taxes amount to 1,3 million Euros.

PERSONAL INSURANCE: The total gross written premiums of PERSONAL INSURANCE for the year 2024, amounted to 10.053.364 Euros, recording an increase of 6,63% compared to 2023. The company's results after taxes and other comprehensive income were formed into losses of 1.073.901,16 Euros for 2024, compared to the profit of 127.799,36 in 2023.

GENIKI PANELLADIKI: The total gross written premiums of the company GENIKI PANELLADIKI presented an increase of 23,08% in 2024 and amounted to 8,9 million Euros. The gross written premiums of vehicle third party liability amounted to 5,33 million Euros, increased by 15,33% compared to 2023. The production of the other vehicle insurance sector showed a significant increase of 43,36% compared to the previous year and amounted to 3,29 million Euros. The gross written premiums of the remaining sectors amounted to 342 thousand Euros, recording an increase of 6,22%.

EUROPE INSURANCE: The total premium production of EUROPE INSURANCE for the fiscal year 2024 amounted to 21,804 thousand Euros, an increase of 21,76% compared to the fiscal year 2023, which amounted to 17,907 thousand Euros. Profits before tax amounted to 6,032 thousand Euros, compared to 5,087 thousand Euros in 2023, recording an increase of 18,57%.

HORIZON INSURANCE: The gross written premiums of HORIZON INSURANCE amounted to 14.182.252,57 Euros in 2024, compared to 13.466.158,20 in 2023, recording

G. SIDERIS S.A. INSURANCE: The total premium production of the company G. SIDERIS S.A. INSURANCE for the year 2024 amounted to 5.234.722 Euros, recording an increase of 4% compared to 2023. The company's results after taxes under IFRS 17, were formed to a profit of 1.957.644 Euros for 2024, compared to the profit of the previous fiscal year 2023, amounting to 2.462.095 Euros.

CNP LIFE: The total premium production of CNP INSURANCE for the year 2024 amounted to 2,889 thousand Euros, showing a decrease of 6% compared to 2023.

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Yannis Stournaras Bank of Greece Governor

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BANK OF GREECE

The domestic insurance market and health insurance

In 2024, there were no significant changes in the structure of the Greek private insurance market, with 34 insurance undertakings operating therein. These undertakings are categorized according to their license and lines of business as follows:

• Two life insurance undertakings,

• 19 non-life insurance undertakings, and

• 13 composite undertakings operating in both life and non-life insurance (including life insurance companies which, within the non-life segment, provide exclusively accident and health insurance).

Of the 34 insurance undertakings mentioned above, 31 operate under the regulatory framework of the European directive Solvency II, which has been in force across all EU member states since January 1, 2016. The remaining three companies are exempt from certain requirements due to their small size, pertaining to all three pillars of the Solvency II framework.

Among the 31 undertakings subject to Solvency II:

• 11 belong to insurance groups headquartered abroad,

• 5 are part of insurance groups supervised by the Bank of Greece.

Additionally, six Greece-based insurance undertakings operate in other EU countries under the freedom to provide services (FoS) regime.

According to the latest available data from the European Insurance and Occupational Pensions Authority (EIOPA), as of December 2023, 185 insurance undertakings headquartered in other EU member states were active in Greece under either the freedom of establishment (FoE) or FoS. These companies are supervised financially by the competent supervisory authorities in their home countries.

In 2023, the annual gross written premiums from these companies amounted to €336 million from branches and €1,076 million from

Source: Bank of Greece

Note: Μ.Δ. (No data) for 2024 under the last category

Table V.3 Capital Requirements, Eligible Own Funds, and Solvency Ratios (amounts in million euros)

Source: Bank of Greece

services under the FoS regime, corresponding to 5% and 17% of the total Greek insurance market respectively.

These companies hold a significant market share in motor third-party liability (MTPL) insurance. In 2024, their market share (by number of insured vehicles) slightly increased to 22%, from 21% in December 2023.

The financial data presented below pertain exclusively to the 31 insurance undertakings under the financial supervision of the Bank of Greece, in

accordance with Solvency II. The domestic insurance market is notably concentrated, especially in life and composite insurance undertakings, with the five largest holding 87% of the market (in terms of technical provisions). Likewise, the top five non-life insurers hold 61% of the respective market based on gross written premiums.

In

in

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For the 9th consecutive year, Atlantic Union S.A. holds the 1st position among insurance companies that provide both life insurance and non-life insurance.

www.atlantiki.gr

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pared to 2023. Of this amount, €1.3 billion came from unit-linked products, accounting for 47% of total life insurance gross written premiums (up from 43% in 2023). Conversely, there was a 16% decrease in premiums for with-profit policies and a 4% increase in other life insurance products.

Premiums in the non-life insurance sector reached €2.6 billion, up 7% from 2023. The most significant segments were:

• Motor third-party liability (29% of non-life premiums, +1% vs 2023),

• Fire insurance (22%, +13%), and

• Hospitalization insurance (17%, +9%).

In 2024, claims incurred (excluding reinsurance recoverables) reached:

• €2.4 billion for life insurance (+19%), and

• €1.4 billion for non-life insurance ( 11%).

In non-life insurance, the loss ratio in 2024 stood at 51% (down from 55% in 2023), while the expense ratio (including management and acquisition costs) was 47% (down from 48%).

ANNIVERSARY

As of December 2024, the total assets of insurers supervised by the Bank of Greece stood at €21.2 billion (+4% vs December 2023).

Investments included:

• €7.5 billion in government bonds (35% of total assets), and

• €2.9 billion in corporate bonds (14%). Regarding credit quality:

• 97% of government bonds and

• 88% of corporate bonds were rated BB or higher.

Furthermore, €5.4 billion (26% of total assets) related to unit-linked investment contracts, where policyholders bear the investment risk.

As of December 2024:

• Total liabilities stood at €17.5 billion (up from €16.7 billion in December 2023),

• Technical provisions amounted to €15.8 billion (vs €15.2 billion in 2023), broken down into:

• €12.2 billion for life insurance,

• €3.6 billion for non-life insurance.

Of the life insurance technical provisions, 40% related to unit-linked contracts (up from 37% in 2023).

Own funds stood at €3.8 billion (+2% vs 2023). The total Solvency Capital Requirement (SCR) amounted to €2.1 billion, while eligible own funds totaled €3.7 billion. Of these, 91% were classified as Tier 1 capital (highest quality). All insurers reported an SCR coverage ratio well above 100%.

The Minimum Capital Requirement (MCR) for the entire insurance market was €0.7 billion, with total eligible own funds of €3.4 billion.

• The SCR reflects the level of capital an insurer must hold to absorb losses with a 99.5% confidence level over a one-year horizon.

• The MCR reflects the capital needed to absorb losses with an 85% confidence level over one year, below which policyholder protection would be significantly at risk.

While SCR coverage ratios varied among insurers in 2024, all companies remained sol-

vent. Insurers above the red trendline in the coverage graph showed improved SCR ratios compared to the previous year (48% of total insurers), whereas those below indicated deterioration.

In 2024, a European-wide stress testing exercise was conducted, using a reference date of 31 December 2023, aimed at assessing the resilience of insurers under adverse but plausible macro-financial scenarios, including renewed geopolitical tensions. The exercise involved a representative sample of 48 participants from 20 countries, including one Greek insurance group.

The Bank of Greece conducted the same stress test for all 31 Greek Solvency II insurers. The Greek insurance market entered the test with strong capital adequacy and demonstrated resilience, even under the adverse scenario. Overall, the exercise confirmed the sector’s sensitivity to stress scenarios, though the impacts were found to be manageable through appropriate managerial action.

"Health Insurance in Greece Current Challenges and Future Prospects"

Health insurance is addressed in a dedicated chapter of the Financial Stability Report (May 2025) by the Bank of Greece, which states the following:”

Introduction

Insurance undertakings active in the health insurance sector provide healthcare benefits to their policyholders by purchasing services from private hospitals, based on bilateral contracts. The cost of these services is shared between insurers and insured persons, depending on the terms of each insurance policy.

Specifically:

a) Some insurance contracts involve long-term commitments, where insurers are obliged to provide predefined healthcare services with limited ability to reprice (i.e., to fully transfer increased costs to policyholders). Due to these long-term obligations, insurers are required to establish technical provisions and hold capital reserves reflecting the entire duration of the policies.

b) Other contracts are annually renewable, involving obligations valid for just one year. In these cases, insurers have full repricing flex-

ibility and may revise policy terms or even terminate coverage. Related provisions and capital requirements reflect only a one-year horizon.

Existing Healthcare Service Pricing Model

The determination of prices for healthcare services provided by hospitals to insurance companies is pivotal for establishing a sustainable and efficient healthcare reimbursement system. The factors influencing price levels include, among others, the cost of service provision, the salaries of specialized medical personnel and other healthcare workers, as well as the severity and complexity of the illness.

Currently, the costing and subsequent pricing of healthcare services provided by hospitals to insurance companies in Greece follow the fee-for-service (FFS) model. In this healthcare payment model, providers and physicians are reimbursed based on the quantity and type of services rendered. Payments under an FFS scheme are determined according to a detailed price list. This implies that insurance companies are billed for each test, proce-

dure, and treatment administered whenever a patient visits a physician, receives a consultation, or is hospitalized. The FFS model incentivizes providers based on the volume and frequency of services delivered.

A key advantage of the FFS model lies in its ability to enhance patient satisfaction, as it offers a broader range of therapeutic options and generally ensures high-quality service during hospital stays. However, the model also presents significant drawbacks. It tends to lead to overprovision of services, given the incentives it creates for maximizing service volume regardless of actual patient needs, and it often results in prolonged hospitalizations. Furthermore, in many cases, the pricing list is differentiated based on the category of hospitalization (e.g., different charges for the same procedure depending on whether the patient stays in a single or double room).

C. Impact of the FFS Model on Insurance Companies and Policyholders

The financial impact of the FFS model on both insurance companies and policyholders is substantial. In the case of long-term insur-

ance contracts, which often include restrictions or prohibitions on premium increases due to contractual provisions, elevated healthcare charges compel insurers to maintain:

a) increased technical provisions, reflecting not only the current elevated cost of purchasing healthcare services but also anticipated future cost escalations over the duration of the insurance contract, and b) higher capital requirements, which account for the increased uncertainty surrounding healthcare service costs.

Given the difficulty of passing these costs on to policyholders, the above factors result in a decline in the solvency ratios of insurance companies, thereby raising the likelihood of default on obligations to policyholders due to insolvency.

In annually renewable insurance contracts, higher healthcare charges are transferred directly to policyholders. They are either required to pay increased premiums to maintain their coverage or agree to a downward adjustment of their benefits, leading to potential gaps in their insurance protection.

To address the disadvantages of the FFS model, various strategies

have been developed, including: a) Cost-containment mechanisms, such as the use of third-party administrators or gatekeeper organizations that review or pre-approve medical expenses;

b) The adoption of alternative pricing models, primarily through Diagnosis-Related Groups (DRGs). The DRG system clusters tests, procedures, and treatments into categories based on the underlying diagnosis for pricing purposes. Charges are then determined per diagnosis, regardless of the specific services provided or the quantity of resources used. The objective of the DRG system is to incentivize providers to optimize resource utilization and reduce hospital length of stay; c) Expanding the network of available providers from whom insurers may purchase healthcare services. One such approach involves the implementation of a public-private partnership (PPP) model, wherein insurance companies may procure services from public hospitals under specific conditions. This facilitates the performance of selected medical procedures within public institutions, yielding mutual benefits for both the public healthcare system and private insurers.

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Increase by 8,7% in premium production in 2024

With a significant increase of 8,7% in the production of insurance premiums, 2024 closed for the Greek insurance market, according to a survey conducted by the Hellenic Association of Insurance Companies (HAIC).

Total production amounted to 5,68 billion Euros, recording an upward trend in both Non-Life and Life insurance.

Specifically, Non-Kife insurance recorded an increase of 9,4%, reaching 2,95 billion Euros, while Life insurance increased by 7,9% and reached 2,73 billion Euros.

As mentioned, HAIC is conducting a survey on the production of premiums per month among its member insurance companies. A total of 48 insurance companies responded, 43 of which were active in the Non-Life insurance sector and 14 in Life insurance. Out of the 48 insurance companies, 26 operated in Greece as Limited Liability Insurance Companies, 1 as a mutual insurance cooperative, 15 as branches of a foreign insurance company and 6 European insurance companies operated under the free provision of services regime.

It is also emphasized that the depiction of premium production refers to the recording of all registered premiums from direct insurance operations (reinsurance underwritings are not included), in full amounts (regardless of whether they concern periodic payments or lump-sum premium payments), as classified in the insurance sectors, according to Law 4364/2016 (after adjusting the data of the previous period).

How Insurance Companies make use of Artificial Intelligence

INSURANCE RE MEETING

The use of Artificial Intelligence is rapidly spreading into the Insurance Market and it seems to be shaping the working model of the whole Insurance Industry. With the assistance of AI, insurance companies are already integrating solutions at key points of their operations, reshaping basic insurance processes so that the policyholders can enjoy a faster and more flexible service.

NextDeal addressed insurance companies, asking to comment on the role of Artificial Intelligence (AI) in the Insurance Market, the insurance in general, as well as which are the invest-

ments they have made in this specific sector.

As it is evident from the comments of insurance companies, the rapid entry of Artificial Intelligence into the financial and insurance industries is emerging as one of the most decisive factors in business transformation –both for insurance companies and for the entire market. Today, the integration of Artificial Intelligence into the operation of insurance companies is no longer an option, but rather a strategic necessity. It is commonly known among insurance companies, that the future of insurance is digital, but the issue here, is that it should also be human

By GEORGE DIMITRAKOPOULOS Professor, Vice-Rector of Research and Innovation Harokopio University of Athens

What is Artificial Intelligence?

Artificial Intelligence (AI) is a branch of computer science dealing with creating systems, capable of performing tasks that require human intelligence. These include learning, decision-making, problem solving, pattern recognition and natural language processing.

“Intelligence”, as a word, is related to the ability of understanding and reasoning. The word “artificial: suggests that it is a construction, a mechanism that simulates these abilities without being a biological organism.

Historical Review

The idea of machine intelligence is not new. Since ancient times, Aristotle developed systems of logic that form the basis of modern computer science. However, AI as a scientific branch, was born in the 1950s, when Alan Turing formulated the famous “Turing Test”, a criterion for determining whether a machine can imitate human thought.

Later, various approaches emerged, such as symbolic intelligence (logical rules and expert systems) and Machine Learning (ML), where computers are learning from data, without being programmed with strict rules.

Artificial and Natural Intelligence: Differences and Similarities

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ARTIFICIAL INTELLIGENCE (AI)

Key Concepts and Differences from Natural Intelligence

Natural Intelligence refers to the intelligence of living organisms, especially humans, including creativity, emotion, intuition, and social awareness. In contrast, Artificial Intelligence operates based on algorithms and data, without self-awareness or emotions.

However, there are similarities, such as the ability to analyze data and optimize decisions. In natural intelligence, decisions are influenced by subjectivity, while in AI they are the result of statistical models and algorithmic calculations.

We all understand today (with our natural intelligence) the great impact of AI in important areas of society and economy. From transportation to medicine, AI is changing the way we work, interact, and make decisions.

ΑΙ Applications

AI applications are extending in numerous industries, with varying levels of automation and autonomy.

1. Transportations and Autonomous Vehicles

AI enables the development of autonomous vehicles, which use sensors and algorithms in order to recognize environmental conditions and make decisions. At the same time, systems such as Google Maps and Waze, use predictive techniques to optimize the traffic management.

2. Health and Medical Diagnosis

AI is used to analyze medical images for the early diagnosis of diseases such as cancer, as well as to discover new drugs through simulations. Systems such as IBM Watson Health analyze millions of medical data in order to provide personalized treatments.

3. Finance and Security

AI is used for the detection of fraud in banking transactions, based on the recognition of suspicious patterns. Also, automated investment negotiation systems use AI in order to predict the market and make financial decisions.

4. Industry and Automation

AI-based robotics enables the automation of production, reducing the cost and increasing accuracy.

Smart algorithms help with machine maintenance by predicting when a machine might fail before this actually happens.

5. Education and Human Interaction

Digital assistants (Alexa, Google Assistant) and smart educational systems adapt learning to the needs of each student. At the same time, tools such as Automatic Translation allow easier communication between people speaking different languages.

Advantages, Disadvantages, Risks and Fears

The rapid development of AI offers enormous opportunities, but also creates some serious concerns..

Advantages of ΑΙ

• Automation and efficiency: AI enables complex tasks to be performed with speed and accuracy, reducing human error.

• Improved decision-making: Analyzing large volumes of data (Big Data) in order to make well-documented decisions in business, health, and government policy.

• Personalized services: From personalized ads to content recommendations (Netflix, Spotify), AI tailors the user experience.

• Innovation and new discoveries: AI is used in for the discovery of new drugs, climate prediction, and space exploration.

Disadvantages and Concerns

• Lack of transparency and interpretability: A lot of AI algorithms operate as “black boxes”, without the way of making decisions being clear.

• Bias and discrimination: In case that training data contain biases, AI can reinforce social inequalities.

• Loss of working positions: Automation may replace workers in traditional occupations, particularly in sectors such as processing and services.

• Security and privacy: The reckless

use of AI for citizen surveillance, facial recognition, and data collection, raises serious privacy rights issues.

Risks and Fears for the Future

• “Super-intelligent” AI: Some scientists, such as Elon Musk and Nick Bostrom, sound the alarm that a super-advanced AI could surpass humans, leading to unpredictable consequences.

• Armament competition: The development of autonomous military weapons may create new risks concerning global security.

• Abuse by governments and corporations: The control of data and AI by a few large tech companies (Google, Amazon, Microsoft) may create monopolistic practices and social inequality.

The Future of Artificial Intelligence

Next decade will be of pivotal significance for the evolution of AI. Some trends include:

1. Development of a more Explainable/ Interpretable AI

Researchers are working on the developing of models which can transparently explain their decisions, in order to be more reliable for significant applications (e.g. in medicine).

2. Combination of Human and Artificial Intelligence

AI will not completely replace humans, but it will function as a supporting tool in order to enhance the abilities of employees.

3. Legislative and Ethical Framework

The European Union is already developing regulations for “Trustworthy AI”, with the aim of ensuring that algorithms are used responsibly.

4. Quantum Computing and New Technologies

The combination of AI with quantum computers could bring forward revolutionary changes, accelerating big data analysis and encryption

Βy Dr. XENOPHON LIAPAKIS*

Artificial Intelligence (AI) is at the forefront of the digital transformation, across all sectors of the global economy, with its level of maturity and implementation varying by country and sector, but Insurance is one of the sectors that are heavily investing in this sector, in the last decade.

The Challenges

The insurance industry, and not only, in its effort to exploit the opportunities offered by the rapidly evolving Artificial Intelligence in recent years, has to face a number of significant challenges. Challenges mainly related to culture, managing fear and resistance, finding tech talents, enhancing security and establishing the right governance model.

Culture & Resistance: To successfully integrate Artificial Intelligence (AI) into an organization often requires significant cultural change. AI is not just a matter of adopting new technologies, but is about changing mindset, and way of working at all levels of the organization. It requires the organization to manage the fear and resistance that normally come from the human factor, to encourage curiosity, experimentation and innovation, learning through mistakes and failures, and the organization's adaptability in a constantly changing environment.

Tech shortage: Insurance organizations are struggling to meet the needs of finding staff with skills in artificial intelligence, prompting engineering, data algorithms, machine learning, etc., in an environment where the lack of resources having expertise and knowledge in these areas and the new needs created are growing exponentially.

Explainable AI: As AI becomes more and more complex, the ability to explain the "why", i.e. how it makes decisions, is crucial because providing the necessary transparency helps build trust with customers and regulators.

Shadow AI: The speed at which AI is evolving is outpacing traditional governance models applied in IT, increasing the risk of managing to what we all know by the term Shadow IT. Organizations are forced to upgrade their governance model as quickly as possible, developing new strategies and processes to adapt, while ensuring the data protection they process using AI.

Trends & Achievements

The insurance industry has leveraged and introduced, in recent years, a number of digital projects and services that affect important areas of its daily operations, many of which are available to its partners, allowing them to be more productive, providing 24x7 advanced digital services, enhancing their customer satisfaction and experience, such as: Process Automations: By integrating AI with robotics (RPAs), repetitive tasks are au-

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INSURANCE CHANGER

Artificial Intelligence is transforming insurance

tomated, freeing up time for employees to focus on more complex tasks. A typical example is the multiple requests that come daily via email and beyond, with various attachments, which, unlike in the past, are automatically opened, categorized, converted into text, with simultaneous sentiment analysis, and completed with the least possible human intervention.

Cyber Security: Investment in security systems using AI is growing significantly, protecting organizations from the much more frequent and sophisticated attacks they face, managing them in real time.

Fraud Detection: By analyzing large volumes of data at high speed, AI can detect anomalies and patterns that may indicate fraud, which is difficult for humans to do on such a large scale, helping insurance compa-

nies to reduce their potential losses.

Customer Experience: Developing and deploying AI applications, such as virtual assistants, providing customers and partners with 24x7 instant and personalized service, increasing their satisfaction while reducing pressure on their call centers. Virtual assistants are evolving to have a more human-like presence, encompassing both form and voice (Avatar & NLP technologies) where they listen to the questions and answer the customer/partner, incorporating personalized speech2text, text2speech and avatar personalized technologies, with real time sentiment analysis capabilities leading to a more efficient, more empathetic service to dissatisfied customers/partners.

Scoring Process: In HR, comparing the CVs against the profile of the resources they are

looking for, in procurement comparing the offers against the corresponding RFP, in regulatory compliance doing a gap analysis of where they are in relation to the corresponding regulatory framework etc., defining the evaluation criteria and creating a comparative scoring table for all of the above, giving the ability to make decisions much faster and safer.

Personalized Services: By analyzing data through artificial intelligence and big data analytics, insurance companies can create personalized services, policies and programs. Plus, insurance coverages are tailored to each customer's needs, behavior and risk profile.

Training: AI-based training platforms that help intermediaries, using virtual assistants, to stay up to date on insurance issues, new products, regulatory changes and best practices, become more productive and efficient.

Product Development: Usage-Based Insurance (UBI) programs, particularly in the areas of motor and health insurance, meet the most visible changes. Customers are paying based on “healthy” lifestyle and how they drive, thanks to the use of IoT devices that track their behavior.

Claims Management: Today, many insurance organizations manage claims remotely, making Accident Care, repair shops communication and pre-insurance check via steaming, while with use of Artificial Intelligence the cost estimation is immediate by processing the photos of the accident.

Underwriting: With AI's ability to analyze huge volumes of data from various sources [e.g., their own database, public open data, even sensor data (IoT), risk assessment becomes faster and more efficient].

Software Development: Developers use AI which has already the ability to develop code in various programming languages, detect and fix bugs, suggest optimizations, create test scripts, etc. However, human oversight and final approval of a senior architect is necessary, especially in cases where complex design decisions or deeper understanding of business are required.

The Future

AI is undoubtedly the game changer in the insurance industry globally. Its ongoing, rapid evolution promises to bring even greater changes in the coming years, creating new opportunities and challenges for insurance companies, their partners and customers.

In addition, it is vital to ensure that it is used in an ethical and responsible manner, respecting the privacy of customers and avoiding discrimination. That’s why we see the European Union emphasizing regulatory compliance, regulations and increased transparency to avoid bad practices like what we experienced regarding the use of our personal data until the GDPR was enacted

* Chief Technology & Information Officer, Intersalonica

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Group Chief Data & Analytics Officer, SCOR

By SOFIA KYRIAKOPOULOU, Group Chief Data & Analytics Officer, SCOR

ChatGPT entered our lives just before the end of 2022, bringing Artificial Intelligence into our daily routines more directly than ever before, through what became known as Generative AI. For the months that followed, boardrooms across the globe were preoccupied with the same question: what is this new technological capability, and what does it mean for us?

Machine Learning had already been around for many years, full of promises, and disappointments. Many companies invested time and resources in developing algorithms through simpler or more complex statistical methods. Huge efforts were made to collect data, build models, and integrate them into enterprise systems, only for companies to later realize the results fell short of expectations. The benefits, though real, were limited.

Yet, this new evolution of AI felt different from the outset.

And what if it wasn’t just an evolution, but a true revolution?

Two and a half years later, among professionals working with AI - especially in the financial services sector - the answer is becoming increasingly clear. We are witnessing the dawn of a revolution. This new generation of models is visibly different from anything we have seen before. Generative AI models come pre-trained, understand written language with remarkable proficiency, and most importantly: they excel in processing unstructured data – the very kind that is abundant in the insurance industry.

Looking at the current capabilities of AI that we have seen in practice, we know it can classify documents (e.g., what type of file is this?), summarize information (e.g., what changed in this policy over the years?), extract details (e.g., specific terms from a contract), and more recently, even perform reasoning (e.g., resolving a problem through logic).

However, the real discussion is not about AI’s capabilities in isolation, but whether they can be practically leveraged and how an enterprise-wide strategy can be implemented to deliver tangible outcomes and value.

Two Strategic Hypotheses with Real-World Impact

1. Faster and more accurate decisions.

In the insurance industry, every decision is based on data, starting from client submissions, to pricing, underwriting, claims, reserving, and finance. The hypothesis is to examine whether AI can enable teams to make faster, more informed decisions, with deeper understanding of each parameter involved.

2. Automation of repetitive processes.

The insurance lifecycle involves many steps that require manual intervention to interpret or transform data. Today, this takes up countless

ARTIFICIAL INTELLIGENCE AND INSURANCE INNOVATION

The Future Has Already Begun

person-hours without adding real value. The second hypothesis, then, is whether we can fully automate these time-consuming processes, freeing up valuable time for truly strategic, human-driven tasks.

From Theory to Practice

We now know that both hypotheses can be realized.

The Data and AI teams of the world’s leading organizations, including the SCOR team I have the privilege of leading, have moved beyond experimentation and into real implementation.

We have seen unparalleled effectiveness when placing the human at the center of decision-making, supported by new AI-powered tools, especially in underwriting and claims handling. The true power lies in the ability to synthesize information from dozens of sources, documents, emails, systems, to present a comprehensive picture, enabling the opportune decision at the opportune moment.

At the same time, we have seen remarkable acceleration in process digitization, including file classification, summarization, and data extraction. However, before we can speak of full automation that would free up human involvement, AI models must reach near-perfect accuracy and reliability. At present, the prevailing approach is to keep the human element as safety net that monitors AI-driven data flows and intervenes when necessary (Human-InThe-Loop). These interventions are precious, allowing models to improve over time.

A Practical Example: Augmented Underwriting

Take a typical insurance application. During the medical records review, it often becomes evident that additional documentation is required. Until recently, this triggered a back-andforth process: identifying missing documents, communicating with the applicant, collecting, and verifying new data, comparing it to similar cases, and finally pricing and deciding on the risk.

In today’s new reality, we can execute all these steps at once:

By using AI models, the case is analyzed, all key information extracted, any missing evidence automatically identified, comparable historical cases retrieved, including their outcomes in terms of risk, and all findings synthesized. Only then is a summary presented for final decision-making. The result: faster, better-informed decisions, with improved consistency.

The Future Has Already Begun

Artificial Intelligence is no longer a theoretical possibility. It is a strategic differentiator, to drive informed decisions, to operate efficiently and to deliver innovative solutions, in a dynamic global risk landscape. The question is no longer if it will be adopted, but how quickly each organization will adapt to the new reality.

The future is here. And it is up to us to seize its full potential, with courage, imagination, and a clear strategy.

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Philippa Michali Chairwoman of the Board & CEO

In recent years, artificial intelligence has emerged as a key accelerator for the transformation of various industries, including private insurance. Its potential is extremely broad and we are only at the beginning. It has the power to transform the way we operate through the processing of large volumes of data, providing accurate predictions and personalized solutions with multiple benefits, for both the daily lives of the industry’s professionals, as well as for the customer’s experience.

The world is changing rapidly, and along with it, the needs of customers, partners and employees. Customers demand convenience and fast service, while our partners and employees want to feel that their work is efficient and provides value. So, at NN, we have strengthened our strategy, focusing on the simplification of our systems and the digital transformation, always putting our policy holders at the centre of everything we do. We are already using new technologies, such as data and AI, to better respond to the ever-changing needs of our clients. For example, at the moment, we are testing an AI-powered claims processing tool.

Our strategy focuses on the good use of technology and AI, in order to simplify our processes and deliver a more personalized communication with our customers. In this way, we will be able to redefine the policyholder’s experience, enhance our operational efficiency, and empower our employees. This ensures that we remain an agile organization that can meet the challenges of today and especially of the future.

We invest in the training of our people, having 9.000 employees in the NN Group using ChatGPT daily and more than 1.000 using a coding assistant.

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NN Hellas

Artificial intelligence, a driver of transformation and growth in the Insurance Market

A significant part of our employees in Greece are also participating in this transition, through training programs. In fact, through the Group's NN Digital Hub, we can more easily maintain and share knowledge and skills within the organization, as well as attract new talents from technological specialties.

At this point, it is important to mention that artificial intelligence is the catalyst for changing our corporate organizational culture as well. Its integration has brought about significant changes that have enhanced the efficiency and experience of our employees. AI applications are available to everyone, regardless of working position, which creates an environment where innovation is not limited to senior executives, but becomes part of everyone's daily work. In addition, it improves communication and collaboration between teams, providing tools that facilitate knowledge sharing and

IN AN EVER-CHANGING WORLD, the need for stability, reassurance and support, becomes even more imperative.

NN Hellas, with a dynamic course of 45 years, has been by our side throughout time, offering comprehensive solutions that cover every aspect of our lives –from health and family protection, to retirement and investments.

problem solving. This leads to a more cohesive and collaborative culture.

However, at NN Hellas we acknowledge that the rapid development of AI also entails a lot of risks. For this reason, NN Group has developed a governance and ethics framework for all related applications, aiming to their responsible use and always in accordance with the relevant legislation. At the same time, we have taken all steps necessary to develop our own ethical rules and principles. NN’s AI Guidelines include and ensure diversity, fairness, accountability and, above all, human oversight, which cannot be replaced.

At NN Hellas, we will continue to invest in new technologies, “ethical” artificial intelligence included, in order to create a more advanced, secure and sustainable insurance industry, always focusing on the customer.

Insurance, looking to the future

Being a member of the international NN Group, with a presence in 9 countries in Europe and Japan, the company has earned the trust of Greek society, creating long-term relationships of trust. It is based on a multi-channel distribution network, which includes more than 1,400 insurance intermediaries of exclusive cooperation. The company maintains cooperation with Piraeus Bank, as well as alternative digital service channels, offering direct access to its customers. The differentiation of NN Hellas within the private insurance market in Greece is not limited to its size and leading role; it mainly stems from its strategy for continuous development. Guided by values, such as "We Care", "We Are Clear", "We Are Committed", the company develops insurance solutions that respond to both current needs and those that will emerge in the future, with flexibility, transparency and a focus on the customer's priorities.

The company offers a wide range of insurance products for individuals, covering health, life and investment needs, such as the NN Orange Cross & NN Orange Life programs, as well as the NN Accelerator+ and other specialized insurance products for businesses. Thus, NN Hellas is also an important and reliable partner for any company that wants to actively support the well-being of its employees.

Furthermore, NN Hellas is always reviewing its operations and priorities, based on the changing trends and needs of policyholders, partners and employees. Today, customers demand convenience and fast service, while partners and employees want to feel that their work is fruitful, valuable and contributes positively to our society. Thus, it adapts its strategy by emphasizing the simplification of systems and processes, as well as its digital transformation, with the aim of creating an increasingly better work environment and offering value to its customers, by meeting their real needs at every stage of their lives.

At the same time, it continues to implement social contribution programs that focus on economic, physical and mental well-being, mainly supporting the most vulnerable social groups in the country and investing in shaping a better future, always in collaboration with reliable social organizations and institutions.

The company's distinctions are also significant, as for the 11th time, in 2024, it was recognized as the “Best Life Insurance Company in Greece” by World Finance, while this year it was awarded as Top Employer for the 7th consecutive year, even holding the 2nd place into the Greek market.

With a commitment to innovation and continuous development, NN Hellas consistently invests in new solutions and services, seeking to constantly strengthen the experience of its policyholders, so that they are able to protect everything that is important to them.

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Dimitris Mazarakis CEO

Artificial

Intelligence

A New Era in the Insurance Experience and Market

Artificial Intelligence (AI) is no longer a futuristic concept — it is transforming the insurance sector here and now. As AI continues to evolve rapidly, it plays a critical role in reshaping traditional insurance models, improving operational efficiency, and significantly enhancing the customer experience.

At Ethniki Asfalistiki, we view AI not simply as a technological innovation, but as a key enabler in our broader transformation strategy. It allows us to operate smarter, respond faster, and deliver more meaningful value to our policyholders.

Unlocking the Power of Data

One of AI’s greatest strengths is its ability to analyze large volumes of data at scale and speed. AI-powered systems identify patterns and trends that support better risk assessment, more accurate underwriting, and targeted offerings based on real customer behavior. These capabilities are especially critical today as insurers navigate complex risks such as climate change, cyber threats, inflation, and geopolitical instability.

Automation and Operational Efficiency

AI enables the automation of repetitive and time-consuming tasks — from policy administration and claims handling to document processing. With technologies such as machine learning, OCR, and natural language processing, systems can now extract and interpret data from insur-

ance contracts, receipts, and medical documents with high accuracy and minimal human intervention. This leads to reduced processing time, lower costs, and greater service reliability.

Personalization and CustomerCentric Services

AI helps us move beyond standardized insurance offerings to deliver highly personalized services. Predictive analytics models can anticipate customer needs and behavior, enabling proactive communication, personalized coverage suggestions, and more responsive service. This enhances customer loyalty and deepens trust.

Fraud Detection and Risk Mitigation

Advanced AI models are already being used across the industry to identify suspicious claim patterns and detect fraudulent behavior. By analyzing data such as transaction timelines, location consistency, and behavioral anomalies, AI enables earlier and more accurate fraud prevention — protecting both insurers and customers.

How We Apply AI at Ethniki

Asfalistiki

At Ethniki Asfalistiki, AI is already delivering measurable results:

• In group health claims, over 60% of new cases are now processed within 24 hours, thanks to intelligent automation.

• In motor claims for minor material damages, 30% of cases are settled on the same

day, significantly improving the claims experience.

• With these solutions, we expect to process over 300,000 claims per year, with increased speed, consistency, and transparency.

We are also implementing a dynamic pricing model in motor insurance, which leverages real-time behavioral and risk data to adjust premiums more fairly. This approach supports fleet growth, improves technical results, and strengthens our market position.

A Future-Focused Vision: Technology with a Human Heart

At Ethniki Asfalistiki, success is not measured solely by automation rates or cost savings. We believe true success lies in being there for our customers when they need us most — with empathy, speed, and reliability.

AI is one of the most powerful enablers of this new era in insurance. But we remain committed to applying it with responsibility, transparency, and a human-centered approach. Our goal is to combine innovation with empathy and build long-term trust with every insured person.

As we move forward, AI will continue to be a pillar of our transformation — helping us become more efficient, more customer-centric, and better prepared for the challenges and opportunities of tomorrow.

Over 130 years of presence and history

Ethniki Asfalistiki is one of the leading companies in the Greek insurance market, with over 130 years of history. Since its establishment in 1891, the company has provided clients with tailormade solutions to protect what matters most to them, empowering them to face each new day with optimism and confidence.

The company maintains a flexible and extensive network of more than 5,000 Certified Insurance Intermediaries, employs over 600 people, and is trusted by more than 1.8 million customers.

Ethniki Asfalistiki places people at the center of its operations, developing products and services that meet the demands of modern life. Its strategy is founded on a sustainable development model, with innovation and prosperity as core pillars. This approach enables the company to respond swiftly and effectively to the changing needs of individuals and businesses who trust it. At the same time, the company empowers its employees through an inclusive and transparent work environment that celebrates diversity. By actively encouraging open communication and leveraging individual talents, it cultivates professional growth via targeted training and development programs. This commitment enriches the employee’s experience and ensures that personal advancement fuels collective success.

Sustainability is central to Ethniki Asfalistiki's business strategy, driving its commitment to long-term value creation for clients, shareholders, employees, society, and the environment. The company actively implements responsible practices across all operations, minimizes its environmental impact, and champions the conservation of natural resources. Furthermore, Ethniki Asfalistiki supports vulnerable communities and promotes social and economic cohesion, striving to build a fair and sustainable insurance ecosystem that offers accessible and simplified solutions for everyone.

Ethniki Asfalistiki is currently implementing a strategic operational transformation focused on upgrading its technological infrastructure, improving efficiency, and strengthening its corporate culture. This initiative aims to further reinforce the company’s position in the insurance market and deliver longterm value for its customers, employees, and stakeholders.

44 INSURANCE RE MEETING HYDRA

We invest in technology with

Artificial Intelligence today stands at the heart of a global transformation that is changing all sectors of the economy, as well as our everyday lives, in a way similar to this of the Industrial Revolution.

The insurance market is not an exception, on the contrary we are an industry where increasingly rapid changes are expected, both in the way we operate as organizations, as well as in the way we design products and serve our customers.

The most fundamental elements, on which Insurance Indus-

try has always been relied on, are prediction and risk management. Today, with the help of Artificial Intelligence, we have the ability to analyze huge volumes of data in much less time and make estimation with greater accuracy. At the same time, AI systems can process compensation issues faster, while at the same time customers acquire new and higher expectations, “demanding” faster, more flexible and personalized service. This calls on all companies of our industry to get on the Artificial Intelligence train as quickly as possible, yet not in a fragmentary way, but

through a design that holistically integrates technology into their way of operating.

At Eurolife FFH, our ambition is to create products and solutions that meet the modern needs of consumers, while at the same time we seek to create the developments, as far as technology in the Insurance Industry is concerned. However, we do not consider investment in AI as a be-all and end-all, but as a tool, through which we will continue to stand by people's side, in a way that makes their lives even better and easier. Our investment in Artificial Intel-

Alexandros Sarrigeorgiou President & CEO of Eurolife FFH

a human-centric mindset

ligence has long been part of our overall digital transformation strategy, in order to offer the best possible services, simpler processes and a better experience to our policyholders.

We have integrated AI tools into our CRM, in order to have the whole picture of each customer’s needs. This allows us to provide personalized services and accurately respond to what our policyholders need. At the same time, through the adoption of Robotic Process Automation (RPA) practices, we have simplified critical backoffice processes, minimizing service time and reducing the possi-

bility of occurring errors.

Our collaboration with LTI Mindtree, the global technology and digital solutions consulting company, also plays a crucial role in our technological evolution. Our partnership aims to develop and provide innovative solutions to Insurance Companies in Greece and will enable the adoption of artificial intelligence technology, on a large scale, in the banking, shipping and construction sectors.

A characteristic result of our investment in AI is the “birth” of OSCAR, Eurolife FFH’s digital assistant. Through a modern and automated process, our customers have now

the ability to chat with OSCAR from wherever they are and whenever they want, to receive an offer, issue their contract for specific products and choose the Eurolife FFH insurance partner they wish to serve them. An end-to-end digital service process, for all those who trust our company every day.

At Eurolife FFH, we believe that the future of insurance is digital, but at the same time it is, and must remain at all cost, human. That is why we are investing today in the technology of tomorrow, always focusing on people, responsibly and following a clear “Ethics-by-Design” approach.

Eurolife FFH Catalyst for positive change

Every action of Eurolife FFH has a common denominator: the people, who lie at the epicenter of everything the company designs and implements in terms of products, services and actions. The leading position it holds in the insurance market is reinforced by the support of Fairfax Financial Holdings Limited, the powerful shareholder it has on its side. Through this boost, the company is able to evolve dynamically, be bold and invest in initiatives that make a difference.

Eurolife FFH offers a full range of products, covering many different insurance categories for both individuals and businesses. It provides programs for health, home, car, savings and investment, cyber insurance, pets etc., with the objective to ensure that its customers feel secure about everything concerning themselves, their children, their homes or their businesses. Regarding the latter, the company places particular emphasis on small and medium-sized companies - the Greek economy’s backbone -, by offering them tailor-made solutions. Eurolife FFH follows a successful multi-channel strategy, with each channel having different expertise and penetration, and has an extensive network of partners throughout Greece.

What values most for the company is people to enjoy what is truly important to them. It constantly invests in technology in order to simplify its processes and provide speed and immediacy to the customer experience. Eurolife FFH's investment in Artificial Intelligence confirms its commitment to its digital transformation. A characteristic example is OSCAR, the company's digital assistant hosted on EurolifeConnect, the online customer portal of Eurolife FFH. Registered customers are able to chat with the digital assistant from wherever they are and whenever they want, and purchase pet insurance online by following 3 simple steps and choosing the insurance partner they wish to be assisted by. Furthermore, aiming to encourage its customers to secure even more extensive protection and coverage, Eurolife FFH offers those the innovative ΕurolifeSYN+ program, through which its members receive significant discounts depending on the number of contracts they own: the more contracts they have, the greater the discount on their premium.

Alongside its commitment to its insurance products’ evolution, Eurolife FFH is also committed to returning value to society. It implements an extensive corporate social responsibility program, across several pillars, all of which have sustainable development in their “heart”: Demographic & Families in Greece, Culture & Education, Equal Opportunities, Local Communities & Urban Landscape / Environment. A significant contribution to the effort of tackling our country’s demographic problem, is the joint program implemented by Eurolife FFH and HOPEgenesis. The company has “adopted” 12 remote regions in Greece (Patmos, Agrafa, Kastelorizo, Anafi, Ano Koufonissi, Nissyros, Halki, Kassos, Tilos, Lipsi, Sikinos and Oinousses) and supports couples who wish to create a family by offering health and care services. Moreover, it is committed to create a nursery in each “adopted” area. So far, 233 children have been born through the program, another 39 are expected soon and 268 families have been benefited. In addition, 5 nurseries have been handed over to local communities, with work on the remaining 7 being in progress.

46 INSURANCE RE MEETING HYDRA

GENERALI HELLAS

In the Age of AI, the Intermediary Beco

Artificial Intelligence (AI) represents not just another digital advancement but a fundamental transformation in how we perceive, assess, and manage risk—especially within the insurance industry. At Generali, AI is not treated as a mere tool for digital integration, but as a catalyst for systemic change. Through dynamic pricing based on behavioral data, intelligent claims management using natural language processing and machine learning, and personalized service platforms, AI

is helping build fairer, faster, and more meaningful insurance solutions.

Generali has committed over €1 billion to AI infrastructure, big data, and predictive analytics. In Greece, the strategy is based on three pillars: strengthening digital infrastructure, educating staff through AI academies, and developing smart, personalized platforms. The Genius platform is a prime example of how technology can simplify processes and rebuild trust in insurance.

AI is not a faceless mechanism, but an ethical ally in creating a more inclusive and adaptive insurance system. It exists within a broader vision—where human judgment complements innovation, and responsibility guides technological progress. At the same time, AI is reshaping insurance distribution. Large language models like ChatGPT have transformed what customers expect. These tools can instantly analyze data, identify needs, and provide tailored solu -

INSURANCE RE MEETING

Panos Dimitriou CEO

mes a “Trusted Advisor”

tions—24/7. In this context, traditional roles risk becoming obsolete if they do not evolve. Insurance advisors cannot compete with AI on speed or information delivery. If they act merely as informants or sellers, they will be replaced.

Instead, advisors must transition into “trusted advisors”—professionals who offer holistic risk management and guidance. This is a role that AI can enhance but not replace. For this transformation to succeed, companies and professionals must act together. First, education is key: ac-

cording to McKinsey, over 70% of professionals in finance already use AI tools. Generali is investing in targeted training to ensure advisors can strategically use predictive analytics, customer profiling, and conversational AI.

Additionaly, advisors must have access to intelligent digital assistants—“digital offices” that offer real-time customer insights, automated product recommendations, and regulatory updates. Generali is building integrated platforms that unify data across underwriting,

claims, and behavior.

Lastly, a shift from transactional sales to advisory service is essential. Today’s customers seek guidance on complex issues—like inflation, cyber risks, or retirement frameworks— not just product options. This consultative role cannot be replicated by algorithms.

Generali remains committed to this transformation by investing in people, technology, and a customer-first phi

losophy. The future of insurance is not just more intelligent—it must also be more human.

Generali Hellas A Legacy of Trust, A Future of Excellence

Generali Hellas has been a significant player in the Greek insurance market for almost 140 years. Its journey began in 1886 with the establishment of a brokerage office under the name “Trieste Non-Life Insurance.” In the 1980s, this brokerage evolved into a branch office of Assicurazioni Generali, and later evolved further, to the establishment of two Société Anonyme (SA) companies specializing in Life and Property & Casualty (P&C) insurance, respectively. Over the years, the company expanded its footprint in the Greek market through steady organic growth and targeted, strategic acquisitions, including the portfolio of Schweiz and the non-life operations of Zurich Insurance in Greece—building a balanced portfolio across Life and P&C business lines.

In 2010, the two SA entities merged under a combined license to form Generali Hellenic Insurance Company S.A., reinforcing the company’s commitment to operational excellence and market leadership. The acquisition of the Greek branch of AXA Insurance followed in 2020 and stood as a milestone which also marked the beginning of a 20-year exclusive bancassurance partnership with Alpha Bank, extending until 2040.

In 2024 having maintained high growth rates and successfully completed a demanding integration within just two years, the company holds the 4th position in the Greek market with 9.7%.

Aligned with the Generali Group’s strategic ambition to become a true Lifetime Partner to its customers, Generali Hellas offers innovative, personalized insurance solutions and a seamless, digitized customer and partner experience. With its latest strategic plan, Lifetime Partner 27: Driving Excellence, the company aims to further elevate its customer-centric approach by delivering sustainable profitable growth, enhancing operational efficiency, and creating long-term value for all stakeholders.

Generali Hellas has undergone a bold digital transformation, embedding end-to-end digital processes across every stage of the customer and partner journey. This transformation is coupled with the development of an wholistic ecosystem of insurance solutions, which go beyond traditional coverage by integrating services focused on prevention, wellbeing, and smart digital tools.

Sustainability is a core pillar of the company’s strategy. Generali Hellas actively integrates ESG principles across its operations, supporting the transition to a more equal, inclusive, and resilient society. A flagship example of this commitment is the company’s new bioclimatic headquarters, acquired in 2022. Designed and built in accordance with LEED (Leadership in Energy and Environmental Design) standards, the building was awarded the PLATINUM LEED Certification in early 2023, recognizing it as one of the most sustainable architectural landmarks in Greece.

With a legacy of trust, a future rooted in innovation, and a strategy focused on driving excellence, Generali Hellas continues to play a leading role in shaping the future of insurance in Greece.

Yiannis Kantoros CEO

ΙNTERAMERICAN

We see Artificial Intelligence not just as a technological advancement, but as a fundamental change in the way we think and operate

At Interamerican, we are creating meaningful value for our people, our customers, and society. Since 2022, Artificial Intelligence (AI) and Machine Learning have been an integral part of our strategic direction. With the exponential evolution of Generative AI solutions, we have further accelerated our investments, aiming to harness these technologies in an effective, responsible, and measurable way. By 2030, our ambition is to fully transform into an AI-enabled organization, where artificial intelligence is applied horizontally and reused across all levels of operation. From customer service and claims management to fraud detection, document automation, regulatory compliance, and predictive analytics, AI is already transforming our everyday operations.

We are focused on two core priorities:

• Personalizing the experience for our customers by delivering greater speed, convenience, and consistency across all channels.

• Increasing operational efficiency by empowering employees and partners with modern, data-driven, and automated tools.

We understand that successful AI integration depends on the quality of data. That’s why we are investing in data governance, organization, and enrichment –both from internal and external digital sources. At the same time, we are shaping a dynamic eco-

system of partnerships with technology companies, academic institutions, and startups that enhance our capabilities and accelerate innovation.

We design applications based on open standards and a modular architecture, so they can be easily scaled across multiple use cases. We remain agile, ready to integrate the ever-evolving capabilities of technology.

We are also establishing an internal governance framework that accelerates implementation while ensuring risk management and compliance.

With full respect for the new European regulatory framework

on AI (AI Act), we embed principles of safety, privacy, and ethics into every step. At the same time, we are educating our entire organization – from leadership to every employee – to be ready to collaborate with technology, not just observe it.

At Interamerican, we shape the future with vision, responsibility, and strategic consistency. We are focused on creating longterm value for our people, customers, and society by investing in technologies that strengthen our human-centric mission and empower us to meet the challenges of tomorrow — from a position of leadership.

56 years of leading and creative presence in the market

INTERAMERICAN, a leader in the Greek insurance market for 56 years and a member of the ACHMEA Group, is committed to innovation, sustainability, and customer-centric solutions. With over 1,000,000 customers and a workforce of 1,500 professionals, the company operates across all insurance sectors, leveraging digital transformation, AI, and data analytics to enhance customer experience. Its strategic pillars focus on sustainable growth, resilience, and ESG commitments, ensuring long-term value for individuals, businesses, and society. Driven by a mission to help people live safer, longer, and better lives, INTERAMERICAN continuously evolves, combining financial strength with responsible business practices to shape the future of insurance in Greece.

CEO

Vassili Christidis

AI as a driver of transformation in the insurance market

Artificial intelligence (AI) is no longer an abstract promise for the future. It is already present and is fundamentally transforming the way businessesand the insurance industry in particular - operate. At Allianz, we see AI not just as a technological tool, but as a strategic choice that can improve every aspect of our relationship with the policyholder: from the customer service experience to risk management.

Today, the insurance market is being asked to respond to several complex challenges: the need for digital adaptation, managing increased and more complex risks, and growing customer demands for direct, personalized and transparent solutions. The insurance sector globally is investing heavily in AI, but its full integration remains at an early stage. This is due to the complexity of regulatory frameworks and the industry's sensitivity to personal data. At Allianz we choose to approach this challenge systematically, focusing on three key pillars: technology, data and people.

Allianz Group has already integrated advanced AI applications in areas such as risk taking, data monitoring and fraud detection to improve efficiency and accuracy in its services. In Greece we use advanced tools such as Allianz GPT, natural language processing and image analysis technologies, reducing response times, enhancing

accuracy and upgrading customer experience.

Beyond technological applications, however, we believe deeply in the importance of responsible AI integration. Success is not only judged by innovation, but also by ethics. It requires a strong governance framework, a clear regulatory environment, transparency and respect for personal data. At Allianz, we invest in parallel in training and upskilling our people, giving them the right skills to evolve along with the technology. Our strategy is to build solutions that scale, remain reliable and deliver real value - not only to the business, but also to the people who trust us. Technology is the catalyst, but people remain at the heart of it.

Allianz, as one of the world's leading insurance groups, is strategically investing in AI, setting standards and raising the bar for the industry globally. Here in Greece, we are particularly proud to be part of such a strong and innovative Group, as this allows us to access advanced AI technologies developed abroad and integrate them faster and more effectively into our domestic business environment.

The future of insurance is not either technological or human. It is both. It is hybrid, inclusive and accountable. And at Allianz, we are working every day to ensure that this future is not only more efficient, but also fairer for everyone.

First place in the General Insurance sector

Allianz is a leading insurance company in Greece, ranked 1st in the General Insurance sector and 6th overall in the Greek insurance market. As part of the global Allianz Group, operating in over 70 countries and serving more than 100 million customers, Allianz is recognized for its commitment to innovation, customer-centric service, and insurance solutions tailored to the evolving needs of society and businesses.

The company maintains a strong position in the market, having been named the top insurance brand in the “Best Global Brands” index by Interbrand for 6 consecutive years. Additionally, it has been recognized as a Loyalty Leader for 9 consecutive years, a distinction that reflects its superior customer service and the high willingness of its clients to recommend the brand.

A key strategic advantage of Allianz lies in its people. The company maintains a robust and dynamic sales network, with more than 7,500 partners across Greece, known for their expertise and experience. Equally vital is the contribution of the professionals working in the company’s internal operations across various business functions. Through their dedication, specialization, and deep market insight, they play a pivotal role in shaping the customer experience and achiEvyng the company's strategic goals.

Allianz remains firmly committed to delivering comprehensive insurance solutions that meet the needs of its customers.

Errikos Moatsos CEO

Transformation of the Insurance Market

building relationships of trust with clients. Indicatively, the use of automated service channels, such as chatbots, reduces response times to basic requests, allowing our partners to dedicate their time to more strategic interactions, such as cross-selling, need forecasting, and the provision of personalized services.

At ERGO, we have designed an extensive and holistic digital transformation program that includes all our systems, tools, processes, and overall way of operating. Our goal is to leverage new technologies and simplified processes to provide high-quality products and services to our sales partners and customers. Within this framework, we are designing technological solutions – in claims estimation, catastrophic risk assessment, customer and sales partner service – that gradually integrate artificial intelligence. At the same time, we aim to empower our human resources with corresponding

digital skills by investing in their continuous training to support them in this transition. We recognize that success in the new technological environment belongs to those who manage to combine the power of innovation with the value of human judgment and experience. Our strategic goal is to bring our brand promise to life: 'simple because it matters.' We genuinely want to make insurance easy for both our customers and sales partners, offering high-quality service and products. In this effort, technology, and especially artificial intelligence, are valuable allies. We may still be at the beginning, but the road ahead is full of prospects. Artificial intelligence is a tool that is here to help make insurance more efficient, simpler, more accessible, and ultimately more human. Our goal is clear: to leverage technology not to replace humans but to empower them to do what they do best – build relationships of trust.

Over 30 Years of History – Over 30 Years of Continuous Growth

ERGO Insurance, with more than 30 years of presence in the Greek market, is a member of one of the largest insurance groups in Europe. Globally, the Group operates in over 20 countries across Europe and Asia. With Munich Re, one of the world's leading reinsurers and risk carriers, as its main shareholder, ERGO benefits from extensive expertise and strong solvency.

In Greece, ERGO has achieved a turnover exceeding 276 million euros in 2024, operates through an extensive network of over 2,000 partners, and serves more than 1 million active clients, with a remarkable satisfaction rate of 93%. It offers a comprehensive range of insurance products and services designed for both individuals and businesses.

We Insure What Matters to You, Simply and Easily

The company’s primary goal is to protect everything important to each individual. Embracing every need, it provides services and complete insurance programs for both individuals and businesses. Through a wide variety of programs and services across all insurance sectors, it enables customers to choose the plan that best fits their needs and preferences, ensuring easy and immediate access to insurance for everything that matters.

The promise “Simple because it matters” reflects the company’s modern philosophy. It consistently places its clients at the center of its operations, striving to make insurance as easy, fast, and effective as possible. With simplified processes, it allows its insured members to enjoy their lives without worries, taking responsibility for their safety and protection.

Our Strength is Our People

The company believes in its people. It leverages their talents, embraces diversity, and grows alongside them with a shared commitment: to achieve sustainable and profitable growth by reducing uncertainty for its insured members and continuously helping them enjoy a better quality of life.

ERGO provides its employees with opportunities for career development, encouraging them to enhance their skills and advance in their careers. It values continuous learning, while also recognizing and rewarding excellence, outstanding achievements, commendable behaviors, and the exceptional contributions of its people.

A Longstanding Supporter of Insurance Mediation

The company stands by each of its clients at every stage of their lives through its multi-channel approach. It promotes all its insurance operations through various mediation networks with selected partners across Greece, as well as through its bancassurance agreement with Piraeus Bank, offering equal opportunities and rights to all. ERGO's insured clients have the freedom to choose the channel that best suits their insurance needs. The company is designing its next steps with a focus on strengthening proximity, guidance, information, and training for all its sales networks, ensuring that every partner is equipped to provide immediate and comprehensive information, delivering insurance solutions to every individual or business.

Sustainable Development with Vision and Value

Our vision to be the first choice for clients, partners, and employees is the cornerstone of our strategy. With a human-centered approach, we leverage technology, focus on growth and sustainable insurance, and strive to maintain our leading position in the P&C Insurance sector while expanding the Life & Health sector. We consistently offer products that combine simplicity with value, meeting the needs of today and tomorrow.

Pavlos Kaskarelis CEO

Strategic pillars innovation and technology

Artificial Intelligence is gradually—but decisively—reshaping the way the insurance market operates, marking a significant shift from traditional models toward a more proactive, efficient, and customer-centric environment. From prevention tools and risk assessment to claims management and customer service, AI applications have become a core component of the industry’s digital transformation. The ability of AI systems to learn, analyze data, and solve problems in real time unlocks new capabilities that, until recently, seemed distant.

At Ydrogios Insurance, innovation and technology are strategic pillars of our sustainable growth. We have already implemented targeted investments to integrate AI into critical business operations. In the area of Analytics, we leverage AI tools to gain deeper insights into our portfolio and support strategic, data-driven decision-making. In the area of insurance fraud detection, we have adopted network analysis mechanisms that improve our ability to accurately detect suspicious patterns.

In pricing, we are advancing the use of AI-driven models to optimize premiums and dynamically adjust pricing strategies to evolving market conditions. Similar applications are being developed in areas such as pre-insurance assessments and vehicle inspections. All these initiatives align with our broader operational goal: to increase internal efficiency through the adoption of emerging technologies, ultimately benefiting both our agents and policyholders.

In line with the strategic priorities of Reale Group, we see AI not only as a tool for productivity but also as a driver of our goals for sustainability and responsible growth. The Group consistently invests in

In

line with the strategic priorities of Reale Group, we see AI not only as a tool for productivity but also as a driver of our goals for sustainability and responsible growth. The Group consistently invests in innovation, develops projects through its Innovation Lab, and adopts operating models that are digitalfirst, simplicity-oriented, and data-powered

innovation, develops projects through its Innovation Lab, and adopts operating models that are digital-first, simplicityoriented, and data-powered. At the same time, it is committed to establishing and applying principles for the responsible use of AI—ensuring transparency, fairness, and data protection—so that technological progress always goes hand

in hand with respect for people and regulatory frameworks. Within this context, we continue to invest methodically in technological advancement and strengthen our internal capabilities, aiming to respond proactively to the demands of tomorrow while creating value for our customers, partners, and society at large.

Human-Centered Growth, Powered by Reale Group

Ydrogios Insurance is undergoing a period of significant and creative developments, affirming its steady and responsible course in the Greek insurance market. Its integration into the international Reale Group marked the beginning of a new era of opportunities and growth prospects, united by a shared vision to build an even stronger, more reliable, and above all, more humancentered insurance ecosystem.

Reale Group, with a presence in Italy, Spain, Chile, and Greece, brings deep insurance expertise, a human-centric philosophy, and a strong sense of social responsibility—values it shares with Ydrogios Insurance. Together, they focus on empowering insurance intermediaries and protecting individuals and communities.

The year 2024 was one of major achievements for Ydrogios Insurance, marked by strong financial performance and dynamic growth. Total gross written premiums reached €94.6 million, with particularly robust growth in non-motor segments such as property, health, and marine insurance, all of which recorded double-digit increases. The company also achieved high profitability, strengthened its equity base, and reached a new record solvency ratio of 230.5%—a clear reflection of its financial soundness and reliability. At the same time, it paid out over €38 million in claims, reaffirming its role as a trustworthy and consistent insurance partner.

The strategic role of the insurance intermediary network remains at the heart of the company’s strategy. In 2024, over €21.5 million in commissions were paid to insurance intermediaries, whose total number exceeded 2,000. Meanwhile, the company’s workforce was further strengthened, and more than 2,600 hours of training were delivered to both employees and insurance intermediaries.

With a strategic focus on sustained growth beyond motor insurance, Ydrogios Insurance is investing in innovation, product diversification, and the continuous enhancement of its services. Its strategy is closely aligned with the Reale Group, with whom it is jointly developing the business plan for the coming years. Together, they are leveraging international expertise and synergies to create high-value solutions that meet today’s needs and deepen the bond of trust with the people who choose the company.

Minetas George A΄Deputy CEO

ΜΙΝΈΤΤΑ

INSURANCE

We leverage artificial intelligence

The profound transformation driven by the emergence of Generative AI across human activities – and even more so in the business world – has become increasingly evident. As with any revolutionary technological advancement, the initial wave of excitement was quickly followed by an overflow of information, solutions, and applications. We are now entering a more mature phase, where organizations are taking a more strategic and analytical approach to assessing these new capabilities and determining how best to incorporate them.

The insurance industry, like all professional sectors, stands to benefit significantly from the application of Artificial Intelligence. AI has the potential to enhance multiple dimensions of our operations, including – but not limited to – predictive modeling, underwriting, customer and intermediary service, claims management, and fraud detection.

At MINETTA Insurance, our objective has never been to be early adopters for the sake of novelty. That said, when the timing and conditions have been right, we have certainly embraced innovation. In fact, we have already been utilizing smart algorithm-based solutions and AI technologies for several years.

Our strategic priority is to deliver operational efficiency, thereby creating tangible value for our partners and policyholders. In this context, we are continuously exploring AI-driven tools that can be seamlessly integrated into our business model. Our ultimate goal is to enhance the value we offer by leveraging AI to empower the unique capabilities and judgment of the human element – whether it be our employees or partners. This is especially critical in a sector like private insurance, which is fundamentally rooted in human and social interaction.

The company with a human-centered face

MINETTA Insurance is one of the longest-standing insurers in Greece. Founded in 1973 by Panagiotis Minettas, a seasoned professional in the industry, the company was built on the foundation of deep experience and a strong commitment to service. Today, its shareholders – the Theocharakis family – uphold the founder’s vision and values, ensuring the company’s consistent growth and operational continuity.

While MINETTA has long-standing expertise in motor insurance, it has also successfully expanded into other segments, including life and health insurance. The company serves a broad and loyal client base of over 250,000 customers and has demonstrated consistent growth in recent years.

Our core commitment is to honor our obligations and deliver on the promises we make to those who place their trust in us. MINETTA's operational ethos is defined by financial reliability, sustainable growth, meaningful coverage for insured individuals and partners, and a responsive, fair claims process.

Our central focus is on building and maintaining relationships of trust – treating every customer and partner as a unique individual. Remaining true to our people-first philosophy, we are moving forward with confidence into the future.

58 INSURANCE RE MEETING HYDRA

2.

Ioannis Lapatas

Atlantic Union is a multinational insurance company with stable Greek management, composed of experienced insurance professionals committed to the company’s growth in the Greek market. Since 1972 its minority shareholder is the Swiss bancassurance group BALOISE. Following the anticipated merger of the two leading Swiss groups, Baloise and Helvetia, the new insurance group to emerge will become the new minority shareholder. It will rank among the top 10 European insurance groups and become the second largest in Switzerland, with a total premium volume of approximately $24 billion, also becoming the largest employer in the Swiss insurance market.

Atlantic Union has ranked First in Reliability for the 9th consecutive year among General and Life Insurance Companies, with a Solvency Ratio of 297%, and remains consistently among the top 10 insurance companies in Greece based on its own funds.

Since its founding, the company has held an operational license for all lines of insurance (Auto, Property, Liability, Marine, Life & Health, etc.), offering comprehensive and competitive solutions for a wide range of insurance needs.

In 2024 Atlantic Union achieved:

1. Premium Production

The company recorded a 14,80%

ATLANTIC UNION

A Strong Multinational Identity with Stable Greek Management

increase in total premium production compared to the same period last year (whereas the market average increase was 8,7% according to H.A.I.C.). Significant performance was recorded in key lines (Motor: +15,67%, Property: +13,02%, Life/ Health: +29,34%).

2. Profits

Net profits before taxes followed the upward trend of the past 36 years, amounting to €7.593.871 in 2024, showing an increase of 25,97%

3. Investments

The company’s investments in 2024 reached €170.754.269 increased by 5,43% compared to 2023, with a corresponding increase investment income.

4. Assets

Total assets amounted to €186.899.704 as at 31.12.2024, compared to €178.198.347 the previous

year, depicting an increase of 4,88%.

5. Own Funds

Own funds amounted to €93.881.663, increased by 7,55% compared to the previous year, placing the company among the first 10 insurers in the Greek market.

6. Solvency Ratio

Atlantic Union achieved for the 9th consecutive year to be in the First place among General and Life Insurance companies of the Greek market with the highest Solvency Ratio of 297% (as at 31/12/2024).

At the same time Atlantic Union with its financial achievements is constantly being modernized and strengthened across all areas:

• It staffs its departments with experienced professionals from the market while offering career opportunities to young university

graduates, shaping the company’s future.

• Offers innovative insurance products, including group insurance programs for small medium enterprises (SME’s), schools, tutoring centers, sports academies, travel insurance (short or annual coverage, as well as trip cancellation), international student insurance (Erasmus & Erasmus Plus), Environmental Liability, and Business Interruption Insurance for small and large enterprises. It also offers market-leading marine cargo and yacht and expatriate insurance solutions.

• Supports its partners through advanced digital tools, such as the Atlaweb portal—a complete electronic office accessible via computer or the Atlantiki Enosi Mobile app. Clients benefit from simplified service processes, including the Atlantiki Assistance mobile app for accident or breakdown support.

• Actively supports insurance intermediaries, showing long-term commitment through a highly rewarding incentive plan (combining strong commission rates with bonus programs), along with a comprehensive training system (both in-person and online), including certification and recertification seminars (according to the requirements of Bank of Greece), plus numerous independent training sessions.

One of Atlantic Union’s most significant characteristics is its deep social awareness in dealing with important issues affecting both Greece and the broader world. The company’s contribution to Corporate Social Responsibility brings it closer to society. At the same time, its leadership and staff work daily to uphold the vital role of the insurance institution in people’s lives.

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Dimitris Zorbas CEO SYNDEA

Redefines the landscape in the insurance industry

The role of artificial intelligence (AI) is not simply altering the landscape of the insurance industry; we could say it is redefining it. From claims processing and customer service to fraud detection, risk assessment, and all the processes required for an insurance company to function, AI and the related technologies being developed help us make decisions that are faster, safer, and more evidence based. It also enables us to make more secure predictions regarding issues that are already pressing in our time and are expected to worsen, such as climate change, natural disasters, population aging, and the health issues these create. In this way, we can be better prepared both

strategically and financially, adjusting our products and policies accordingly.

On an organizational level, AI reduces management costs, making us more efficient and faster. It gives us the opportunity to focus on acquiring new customers, reducing bureaucracy, attracting new talents, and specializations that will enrich our industry, bringing more dynamism and even changing the very shape of our companies as we have known them until now.

In society, the effects of AI are undeniable and numerous, most of which are positive. However, there are also delicate balances that must be carefully managed, such as the protection of privacy and the potential misuse

of algorithms that could lead to injustices, or the reduction of some traditional jobs. However, this is the inevitable price of progress, and as history has taught us, for some sectors that decline, new ones are created, and this is how we move forward.

Overall, AI is certainly inclusive in the social sphere, as it enables population groups that were previously excluded from private insurance to be included. Moreover, it significantly accelerates processes, reducing waiting times and strengthening the bonds of trust between customers and companies.

At Syndea, having entered a new phase in our history and operations in 2024, we are highly positive about adopting AI tools and are

currently developing feasibility studies for their implementation.

In conclusion, I would like to once again highlight the opportunities that AI offers businesses and consumers, the most significant of which may be that it "opens" a good to many more of our fellow human beings, specifically referring to private insurance. Of course, as with any development of this magnitude, where the changes are tectonic, there are corresponding challenges to manage to ensure fundamental values such as security and transparency in transactions, fair and equal treatment of all consumers, and ultimately, a humancentered approach to our work.

More than a Century in the Greek Insurance Industry

The history of the company begins in 1890 when the predecessor of Interasco was founded in Thessaloniki.

The continuous and consistent presence of the company during the 134 years in the Greek insurance industry, have registered Interasco as a company of prestige and reliability in the consciousness of the market and the state.

Interasco was established in 2006 as a subsidiary of Harel Insurance Investments and Financial Services.

Harel, a prominent insurance and financial group in Israel, with over € 134.600.000.000 assets under management, 5.000.000 customers, € 2.600.000.000 equity, and premium turnover of € 11.200.000.000, is supporting Interasco in achieving its goals of revenues and profitability as well as a solid position in the Greek market.

Today, Interasco is a modern and flexible company, with experienced and highly trained employees, fully digitalized, that serves its customers all over Greece, through a network of 800 experienced partners (non tied agents).

Our values: Dignity, Customer Service, Corporate Social Responsibility, Human based approach. LoB: Vehicle Insurance, Property Insurance (retail, commercial, industrial hazards), Liability Insurance, Technical Insurance, Legal Protection Insurance, Road and Travel Assistance Insurance, Personal Accident Insurance, Health Insurance, Cargo Insurance).

Artificial Intelligence has entered our lives dynamically in recent years — and it's transforming the way many industries operate. The insurance sector is no exception. At INTERASCO, we are closely monitoring this development with seriousness and responsibility. We’ve already begun exploring how selected AI technologies can be integrated into key areas of our operations — not just to keep up with the times, but to bring greater value to our customers and partners. We don’t consider artificial intelligence a tech trend or a threat to jobs. On the contrary, we consider it a powerful ally — a tool that can empower people by allowing them to focus on thing machines cannot do: human judgment, creativity, and communication. Think of the claims process. If basic checks on an application can be automated, our employees have more time to connect with the customer — to listen, explain, support. This is important for us. The same applies to the development of insurance products: by using technology to better understand each

customer’s needs, we can offer more personalized solutions — while maintaining a personal relationship.

Today, INTERASCO is piloting AI-powered solutions. We’re taking a measured, thoughtful approach — advancing step by step. Our investment is twofold: in the technology itself and in the people who will work with it. We’re empowering our teams to collaborate with these tools, not compete against them.

The future of insurance will undoubtedly be more digital. But at INTERASCO, we believe technology should enhance — not replace — the trust, connection, and responsibility we owe to every individual who places their safety in our hands. Innovation only matters if it respects and uplifts the human experience.

That’s why we move ahead with a clear vision: embracing change, but staying true to our values. We’re building the INTERASCO of tomorrow — grounded in who we are and committed to being by our customers’ and partners’ side, with integrity, reliability, and care.

Carlo Saias CEO

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Spiros Lathouris Chief Operations Officer της Howden Hellas

Howden is shaping the future with the power of Artificial Intelligence

Artificial Intelligence (AI) is no longer a futuristic concept—it has become a practical and powerful tool that is transforming the insurance industry. At Howden, AI is being thoughtfully integrated into core operations to enhance efficiency, improve client service, and support smarter decision-making, all while maintaining a strong ethical foundation.

The insurance sector has always been data-driven, but AI elevates this capability by enabling the analysis of vast and complex datasets in real time. This allows brokers to better understand risk, anticipate client needs, and respond more effectively to a rapidly evolving market landscape.

At Howden, AI is already making a tangible impact in several areas. In risk assessment and underwriting, AI tools support underwriters by providing deeper insights into client profiles and exposures. This leads to more accurate

evaluations and more tailored insurance solutions. In customer engagement, AI-powered digital assistants are prepared to be available around the clock to answer questions, guide clients through processes, and provide timely updates, enhancing the overall experience and ensuring consistent service delivery. AI also plays a strategic role in predictive analytics, helping the company identify trends, forecast market shifts, and understand emerging risks. These insights are invaluable for long-term planning and product innovation.

What distinguishes Howden’s approach is not only the scope of AI adoption but also the governance surrounding it. The company has implemented a comprehensive AI policy that emphasizes transparency, credibility, and fairness. This policy ensures that AI is used responsibly, with human oversight and regular reviews to prevent bias and protect

client data. By embedding ethical principles into our AI strategy, Howden is not only embracing innovation but also reinforcing trust with clients, parT.N.ers, and employees. The benefits of this approach are already evident. AI is helping streamline internal processes, reduce the risk of human error, and accelerate service delivery. It also enables the development of more personalized insurance offerings, tailored to the specific needs and preferences of each client. Perhaps most importantly, AI allows Howden to scale its operations efficiently, ensuring that growth does not come at the expense of quality or client satisfaction.

As the insurance industry continues to evolve, Howden’s balanced and forward-thinking use of AI positions it at the forefront of innovation—demonstrating that technology, when guided by strong values, can be a powerful force for good.

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Artificial Intelligence (AI) is, no doubt, one of the most defining technological innovations of recent years. Its momentum is gradually starting to have an impact on the insurance sector too, bringing with it new possibilities but also significant questions. In the Greek insurance market, we are still at the early stages of this transition. Greek insurance companies are just beginning to explore the capabilities of AI through pilot programs, aiming to gain a deeper understanding of its applications, benefits, and potential risks. AI can fundamentally transform risk assessment, pricing, customer service, and the speed of claims processing. Our company, recognizing the importance of innovation and technological progress, has already started implementing specific AI-related projects. We are primarily focusing on leveraging AI to improve customer experience, automate

Kimon-Reinier Efstathopoulos CEO

at supporttool

internal processes, and enhance the accuracy of risk evaluation. Despite the initially encouraging results, this technology is still in its early stages and requires continuous testing and improvement.

However, as with any new technology, we approach its implementation with a healthy degree of caution. It is still too early to define conclusions. AI is evolving rapidly and, although its potential is impressive, there is room for errors, especially when it comes to critical decisions that affect human lives and financial compensation. Issues such as algorithmic transpar-

ency, personal data protection, ethical considerations, and regulatory compliance are crucial factors that cannot be overlooked.

Within this framework, our strategy is clear: we adopt technology with careful steps, test its applications in safe environments, and always keep the human element at the center of the insurance process. AI must serve as an excellent support tool but without replacing human judgment and experience.

We are investing gradually and methodically, with the goal of sustainably and re-

sponsibly integrating AI capabilities into our operations. Our aim is to ensure both the quality of the services we provide and the trust of our clients in a rapidly changing world.

Finally, Artificial Intelligence is now an integral part of technological progress that also affects the insurance industry. For insurance companies, the challenge lies in deeply understanding its use, incorporating it responsibly into their operational planning, and leveraging it wisely—while maintaining the human factor as the cornerstone of their operations.

Invests in technology and human resources

DYNAMIS Insurance is a pure Greek Insurance Company with a long and successful presence in the Greek insurance market. Since its establishment in 1977, the company has managed to solid its position in the Insurance industry, standing out for its stability, reliability, and people-centered philosophy. Guided by the real needs of its customers and society, DYNAMIS continues to evolve, investing in the continuous improvement of its services.

The company offers a comprehensive range of insurance products and coverage options that meet the modern demands of individuals and businesses. Especially, it operates in the Insurance Sectors of Motor, Property (private houses, commercial businesses), Pleasure Craft & Yachts, Third Party Liability, Miscellaneous, and Personal Accident insurance. The solutions it provides are flexible, reliable, and tailor-made to the needs of each client.

The company’s philosophy is based on responsible and transparent service, with the aim of building long-term relationships based on trust. Every partnership is treated with the same respect and consistency, with precise emphasis on human interaction, something that remains a core value for DYNAMIS.

A key factor in the company's successful path is its national network of partners, which is an integral part of its operation and growth. Through this network, DYNAMIS ensures immediate and effective service across every corner of Greece.

In addition, the company collaborates with leading international Reinsurance companies, a strategy that enhances the credibility and reliability of its coverage. This approach offers customers the assurance that, in any case, they will have the necessary support and protection.

Looking to the future, DYNAMIS is systematically investing in technology and human resources. The adoption of modern digital tools and the continuous training of its staff and partners are fundamental pillars for delivering high-quality services and adapting to the ever-changing market conditions.

DYNAMIS Insurance continues its Dynamic journey, committed to quality, security, and responsibility. It remains by the side of its policyholders, ensuring that they will always get what they need: certainty, support, and respect.

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Artificial Intelligence in the Insurance Market

Redefining the Future of Insurance

The use of artificial intelligence (AI) by the insurance market is not some future scenario - it's already here. It is the new reality that is now shaping the present and future of our industry.

We are in a period where AI technology is gradually changing processes, improving products, and enhancing customer experience in the insurance sector. Advanced algorithmic models now allow analysis of enormous volumes of data in real-time, facilitating the personalization of insurance solutions and more accurate risk prediction. At the same time, machine learning systems continuously improve compensation processes, making them faster and more transparent.

Use of AI Applications by Euroins Greece

Euroins Greece is the first insurance company in the Greek market to incorporate the SilverDAT FastTrackAI® platform from DAT HELLAS into the claims assessment process, which is based on the DAT7XM neural network for analyzing vehicle damage photographs.

This advanced system has the ability to:

• Accurately identify damaged parts of the vehicle

• Evaluate the type and extent of damage

• Automatically calculate the cost of repair

The process is fully digitized and is carried out by appraisers through special access to the system.

Going a step further, for cases of simpler damage that do not require spare parts, we have implemented a Fast Track process through the DAT platform. This allows partner repair shops to send the assessment themselves, without requiring the physical presence of an appraiser.

Benefits of Using AI

In summary, I would say that the integration of artificial intelligence into our processes brings multiple benefits, such as:

• Significant reduction in service time and claims processing

• Greater accuracy in damage assessments

• Enhanced transparency in compensation processes

• Improved customer experience

It is important at this point to emphasize that Artificial Intelligence is not coming to replace the human factor, but to enhance its capabilities. The claims adjuster remains the central link in the service chain, as they:

• check the results produced by artificial intelligence

• proceed with the necessary actions to complete the process

• coordinate communication with policyholders and repair shops

The use of artificial intelligence (AI) at Euroins does not stop here. We are radically reshaping the way the Company communicates with both its Network and its customers. Through tools such as personalized educational experiences and interactive digital media, we want to offer targeted information and training, making advertising or educational material more accessible and attractive. One such example is the new Sales Regulation with AI-powered video, which we published a few days ago.

In an era where consumer expectations are continuously increasing, Euroins responds with innovative solutions that offer speed, reliability, and personalized service.

Euroins Greece confirms its commitment to wisely utilize new technologies to improve its services in the insurance sector.

Artificial intelligence is not simply a technological trend - it is the future of insurance. And at Euroins, this future is already here!

Euroins Greece: A Decade of Dynamic Presence

Euroins Greece is a dynamic and growing Company, which has been offering a range of insurance products and services in the Greek market since 2014. Having completed a decade of presence in the Greek insurance market, the company has proceeded to readjust its strategy, considering both the opportunities and challenges of the modern business environment.

Euroins Greece is a member of the Euroins Insurance Group (EIG), one of the leading insurance organizations in Central and Southeastern Europe. The EIG Group has established itself in the market for the reliability and high quality of its services, offering a wide range of insurance products covering the modern needs of consumers. The portfolio of Euroins Group is characterized by balance, with 40% relating to vehicle insurance and 60% covering insurance in other sectors. This diversification highlights the Group's comprehensive approach to the insurance market and its ability to respond to various insurance needs.

EUROHOLD, the parent company of EIG, controls 92% of the Group's share capital. It is a strong and dynamic business group, with assets

exceeding 1.41 billion euros. Its activity extends to the sectors of energy, investments, and insurance, serving more than 5.5 million customers in various countries.

Furthermore, the European Bank for Reconstruction and Development (EBRD) participates as a strategic shareholder in EIG, holding 8% of the share capital. EBRD's participation constitutes a significant vote of confidence from a reputable European institution.

In February 2025, Euroins Insurance Company AD carried out a significant capital increase through the issuance of 25 million new shares, raising a total of 51.1 million euros in equity. These funds will be utilized to enhance the development and organic evolution of the company with particular emphasis on the markets of Poland and Greece.

In the Greek market, Euroins's strategy has so far focused on Motor Insurance, where it holds a strong position, while also developing significant activity in the Surety bonds sector. The company has an extensive network of partners, which numbers more than 1,500 direct and indirect in-

surance agents throughout Greece.

For better support and service to its partners, Euroins Greece maintains strategically located offices in Thessaloniki, Patras, and Heraklion, Crete.

With the recent enhancement of its financial resources, through the share capital increase, Euroins aims to expand its influence in the Greek market and effectively exploit new opportunities that align with the values and strategic goals of the Group.

The company plans to fully utilize its extensive network of partners, expanding its activity to other insurance sectors, reflecting the balanced structure of the Group's portfolio.

Euroins Greece, with dedication to social contribution, has developed a comprehensive Corporate Social Responsibility program. It has steadily supported "The Smile of the Child" for the last decade, and since 2023 insures its fleet of more than 140 vehicles. It enhances sporting events such as the "Kallithea Run" and participates in the "Acropolis Rally" with Themis Chalkias.

DESIGNIA INSURANCE BROKERS

Designia

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SE, HELLAS

Artificial Intelligence as a Transformation Catalyst in the Insurance Industry

The rapid integration of Artificial Intelligence (AI) into the financial and insurance sectors has emerged as one of the most powerful forces driving transformation—both within our companies and across the market as a whole.

In an era where risks are becoming increasingly complex and unpredictable, and customer expectations demand greater personalization, the deployment of AI in insurance operations is no longer a strategic option-it is a necessity.

The insurance industry is evolving from a traditional "post-loss compensation mechanism" to a proactive partner in risk analysis, prevention, claims management, and a key contributor to social and economic resilience. Within this context, AI brings immense value across four key dimensions:

1. Risk Analysis and Pricing:

HDI GLOBAL SE, HELLAS 30 years of operation in Greece

As a member of the Talanx Group, HDI Global SE has been a leading insurer of industrial and commercial enterprises for decades, offering custom-made insurance solutions and risk management and mitigation services to its clients.

HDI operates through branches and an extensive partner network in more than 175 countries worldwide, providing international insurance programs.

The Greek branch of HDI Global SE celebrates this year, 30 years of operation in Greece. As a regional hub for the broader area, HDI Global SE, Hellas expands beyond the Greek market, engaging in operations in countries across Southeast Balkans and the Mediterranean Region. With the contribution of its experienced and specialized personnel, the company has seen continuous growth in recent years and is a trusted partner of major corporate and industrial clients.

HDI Global SE develops innovative products tailored to the specific needs of each client and offers comprehensive solutions for insuring business risks in the sectors of Property, Engineering, Marine, Liability, and Special Risks. Our global insurance solutions address businesses of all sizes—from large multinationals to growing enterprises.

Through advanced analytics and machine learning, insurers can process vast volumes of data in real time, significantly improving underwriting accuracy—particularly in complex lines such as cyber insurance, infrastructure projects, and industrial facilities.

2. Claims Prediction and Assessment:

In lines such as motor and property insurance, AI enables rapid and accurate claims assessments by combining historical data, visual inputs, and IoT sensor data. This enhances operational efficiency and leads to a better customer experience.

3. Prevention and Risk Engineering:

AI can identify trends, early warning signs, and model risks through satellite data and real-time monitoring. This allows insured parties to implement preventive measures, ultimately reducing the frequency and severity of losses.

4. Customer Service and Experience:

From self-service portals to intelligent chatbots and personalized coverage recommendations, AI transforms the customer journey, improving speed, responsiveness, and service quality while reducing operational costs.

HDI Global SE’s Strategic Integration of AI:

At HDI Global SE, Artificial Intelligence is embedded in the core of our strategy. As a subsidiary of the Talanx Group, we have made significant investments in this direction, including:

• Chat@HDI: An advanced platform, similar to ChatGPT, supporting our teams with text generation, language translation, and code development, thereby enhancing productivity and efficiency.

• Policy Terms Comparison Tool: A solution leveraging Natural Language Processing (NLP) to automatically and

accurately compare clauses between old and new versions of insurance contracts, promoting transparency and streamlining policy renewals.

• LLMs in Claims Handling (Claims Coverage Check): We have integrated Large Language Models (LLMs) into our claims evaluation process. This allows for automatic analysis of claims against the terms and clauses of the policy, delivering accurate, real-time recommendations on coverage, and supporting adjusters in making wellinformed decisions.

In parallel, we leverage the expertise of THINX, the Talanx Group’s digital innovation hub, which develops pioneering AI and IoT solutions now integrated into our client service and operations platforms.

It is essential to emphasize that Artificial Intelligence does not replace human input—it enhances decision-making, increases accuracy, and frees up valuable human resources from repetitive tasks, allowing them to focus on highervalue activities.

Through these initiatives, HDI Global remains at the forefront of technological innovation, delivering high-value services and strengthening its competitiveness in the global insurance market.

At HDI Global SE Hellas, we monitor these developments with responsibility and vision. Investing in AI is an investment in sustainability, innovation, and trust. The Hydra Conference offers an excellent opportunity for meaningful dialogue and collective initiatives toward a smarter, more resilient, and more human-centric future for insurance.

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The Artificial Intelligence revolution in Greece

How DAT Hellas' technology is transforming how insurance companies handle claims, reduce costs, and enhance customer experience

In the new era of digital transformation in the insurance industry, the demand for speed, accuracy, and transparency is no longer optional but a prerequisite. At this crossroads of technological and insurance evolution, DAT Hellas is here to change the game.

From technical information to digital claims management

DAT Hellas, a member of the leading German group DAT Group, operates in the Greek market with a clear vision: to bring the next generation of vehicle insurance management. From the assessment of the market and residual value of used cars to automated damage cost estimation, DAT Hellas’ solutions are designed to meet every need in the insurance process.

Their portfolio of services includes, among others:

• Repair cost estimation in seconds

• Complete damage assessment without human intervention

• Prevention and detection of insurance fraud through automation

• Integration of their tools into existing insurance systems

• Used vehicle valuation

• Residual value forecasting

All of DAT Hellas’ services are seamlessly integrated into the insurance companies’ sys-

tems, providing real-time data and optimizing their operational workflows.

Artificial Intelligence: The catalyst DAT Hellas offers the insurance industry

Artificial intelligence has revolutionized the landscape of the insurance industry, leaving behind any previous reservations. As a pioneer in providing high-tech services, DAT Hellas has become the first choice for insurance companies seeking comprehensive automation solutions, both in the claims process and pre-insurance vehicle inspection. DAT Hellas’ innovative tools not only increase productivity but also significantly reduce the operational costs of each insurance company.

DAT Hellas is known for its specialization in technical information, damage cost estimation, and supporting processes for garages, insurance companies, and assessors. With the introduction of Artificial Intelligence tools, DAT Hellas manages to offer more accurate, faster, and automated valuation methods, reducing the time and errors that often arise from traditional methods.

FastTrackAI®

– Artificial Intelligence in practice

Particular mention should be made of the FastTrackAI® platform, which has become a game-changer for the insurance market.

Through this platform, insurance companies can receive automatic damage cost estimates in less than a minute, based on photographic material uploaded either by the client, accident assistance, or even an employee of the insurance company.

The system leverages artificial intelligence for:

• Automatic recognition of the vehicle’s license plate and chassis number

• Damage detection directly from the photos

• Repair cost estimation based on DAT's database

In the same vein, FastTrackAI® combined with augmented reality (AR) technology is revolutionizing pre-insurance vehicle inspections. By following a simple digital guide for taking photographs, the customer can accurately capture the condition of their vehicle via their smartphone or tablet. The insurance company then receives the images, which not only highlight any existing damages but also confirm that the photographed vehicle is indeed the insured one, thanks to the recognition of the license plate and chassis number. The result? The issuance of the vehicle's current commercial value with accuracy and transparency, even before the insurance coverage begins.

All of this significantly facilitates the work of the expert, as in cases of minor damages, they can complete the process without the need for their physical presence or on-site inspection, saving time and resources, while simultaneously ensuring the completeness and reliability of the assessment.

Significant benefits for both the insured and the insurance company

In a changing market, insurance companies that invest in their digital readiness will enjoy significant advantages:

• Cost reduction by limiting physical assessments

• Faster customer service in an era where speed is crucial

• Increased productivity and efficiency

• Enhanced transparency in the claims process

• Reduced risk of fraud with the power of artificial intelligence

And, of course, the customer experiences a new insurance journey, where claim reporting and damage assessment are completed quickly (in under 60 seconds) and easily, even from their mobile device.

Training & support at every step for industry professionals

DAT Hellas doesn’t just provide tools. It invests in the continuous training of industry professionals by organizing specialized seminars and webinars, so that every partner can fully leverage the potential of digital technology.

The market is changing – Are you?

The insurance market is already on the path of digital transition. The question is not whether companies will follow, but when. Those who invest first will have the lead. DAT Hellas is already standing by insurance companies that are looking ahead, offering innovation with prestige, expertise with action, and technology with a human touch.

The digital revolution in car insurance has begun.

And DAT Hellas is here to lead it.

DAT HELLAS

The benefits of digital transformation for Insurance Companies are highlighted by Ms. Vanda Giannara, CEO of DGTAL Pathos, in an interview with the newspaper Next Deal. She also emphasizes to the fact that in order to address the challenges, Insurance Companies in Greece are increasingly turning towards Artificial Intelligence (AI) and Automation. She continues adding that AI can analyze huge data sets from natural disaster damages, such as floods and hurricanes, allowing quick decisions making when it comes to compensations, something particularly important in a country such as Greece. Responding to a relevant question, she notes that: “We do not develop AI for the sake of perfection, we develop AI for the benefit of humanity”.

What's the main challenge facing the Greek insurance industry as to AI adoption?

As Greece continues to stabilize economically, insurers are working to upgrade legacy systems that struggle under the weight of growing data volumes and more intricate, complex claims. This modernization is crucial, as these outdated systems can hinder the speed and accuracy of claims processing, impacting customer satisfaction and operational efficiency. Moreover, the need for digital transformation is heightened by the rise in natural disasters, which require rapid and precise assessment and response capabilities. To address these challenges, insurers in Greece are increasingly turning to AI & automation. By integrating AI into their operations, insurers can streamline workflows and enhance compliance. For example, AI can automate claims triaging based on specific thresholds, validate data quickly and proceed to payment without human intervention. This is what our product GRABBER does. For more complicated claims where the processing of the claim and the decision as to next step is done by the experts, AI enhances risk and decision-making by early identification of high-risk claims, speedy fact finding, automated evidence management, and customizable decision rules. That is what our product DRILLER does. In a nutshell, we offer an end-to-end workflow solution that automates simple claims and helps insurers make faster, more consistent decisions in complicate cases. The result? Less delays and better outcomes! Can AI be used in NatCat risk?

Absolutely, AI is vital for managing NatCat risks by enhancing disaster predictions, optimizing response strategies, and refining risk assessments. AI can analyze massive datasets from natural disaster claims like floods and hurricanes, allowing for fast settlement decisions. This is particularly important in a country prone to earthquakes and other natural events, where timely and precise data analysis can significantly impact recovery efforts and financial outcomes.

You announced that DGTAL is the first to launch AI insurance agents. What are the benefits of such a move?

AI agents are the next step in evolution, acting as digital assistants that manage end-to-end

workflows, handle tasks previously done by teams, and enhance human decision-making rather than replacing it. By automating repetitive aspects, they allow claims adjusters to focus on more complex decision-making, resulting in faster and more precise claims processing.

Can you give an example of AI agents in action within the insurance industry?

Sure! We did a PoC for one of the largest global re-insurers, with regards to the review of disability cases which was done manually—causing delays and inconsistencies. Their assessors manually reviewed around 150 cases/day with an average of 150/200 pages, with the aim to decide whether to continue the disability payment or not. DRILLER used AI agents to process those claims using multiple tools such as OCR, anonymization, search, data extraction with explainability, automated summaries, collaboration tools, and translation. DRILLER scored 4.4 out of 5 scoring in accuracy & relevance of the answer while cutting review time by 60% in reviewing & decision making.

What’s your view on the future of AI in insurance, in Greece and abroad?

We are still in the first hour of AI in insurance. There is a lot of hype, misinformation, over or under expectations and investments that don’t bring tangible results or ROI. It seems that everyone is frustrated somehow, because they don’t get to see or experience the “AI dream”. This is to be expected in the early adoption phase we are in. My advice to my clients is: Just do it! Everyone is talking about the huge opportunity that enterprise AI offers, but very few companies go beyond the Proof of Concepts. And in PoCs is not where the ROI or the efficiency lies. The end game is not efficiency only but also differentiated value. The latter is in the data and in the expertise of the people. One last thing: the gap between PoCs and production is larger than anyone thinks. That is why PoCs need to be done fast, with a focus on production from day 1. Otherwise, everyone will be wasting their valuable time. And keep AI close to how people currently work. We are not developing AI for the sake of perfection. We are developing AI for the sake of human usefulness.

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Theresa Skarlatou CEO

Trade's Strategic Evolution

rately - with millions of companies worldwide currently being automatically assessed. Additionally, we have introduced a system that enables automatic underwriting decisions based on machine learning, allowing us to make real-time decisions, improving productivity and customer service without sacrificing accuracy in assessments.

In the collection activities, dedicated AI helps us identify the most urgent cases and plan necessary actions more efficiently. Furthermore, the use of artificial intelligence in fraud risk assessment assists in intercepting fraudulent claims, allowing us to safeguard our profitability while further pushing automation and service quality offered to our customers.

As we look to the future, our commitment to research and development remains steadfast, particularly in the field of

predictive models. This focus enables us to more effectively address the evolving needs of our business and of our customers. A key area of exploration is Generative AI, a rapidly advancing field fueled by innovations such as ChatGPT. By incorporating Generative AI into our suite of tools, we aim to elevate the automation of our processes and significantly enhance the clarity and transparency of our decision-making. This technology will empower us to articulate the rationale behind our decisions more effectively, further improving the quality of our services.

However, it's important to recognize that technology alone is insufficient without the expertise and creativity of our peo

ple. Their skills and innovative spirit are essential in shaping a successful future for our company, ensuring that we continue to thrive and lead in a rapidly evolving landscape.

Global leader in Trade Credit Insurance

Allianz Trade is the global leader in Trade Credit Insurance and Credit Risk Management, as well as a recognized specialist in the area of Surety. We offer tailored solutions to mitigate the risks associated with bad debt, thereby ensuring the financial stability of the businesses. Our products and services help companies protect themselves from the risks of non-payment and include also issuance of Surety bonds, debt collection services and credit insurance for the e-commerce, ensuring the financial resilience for our clients’ businesses. Our expertise in risk mitigation and finance positions us as trusted advisors, enabling businesses aspiring for global success to expand into international markets with confidence.

With over 5,800 employees worldwide and a proprietary information network containing data on 289 million businesses globally, Allianz Trade analyzes the daily changes in the solvency of the companies.

In 2024, the consolidated turnover of the Group amounted to 3.8 billion euros, and the insured business transactions worldwide represented an exposure of 1.4 trillion euros.

Allianz Trade in Greece, responsible for Greece and Cyprus, provides its products and services on the market through long-standing relationships based on trust, in close collaboration with companies of all sectors and sizes. We give insured companies the confidence to trade by securing their payments. In the event of a bad debt, we compensate our clients quickly, through easy and transparent procedures, but more importantly, we help them avoid bad debt in the first place.

But, when the unexpected arrives, Allianz Trade’s AA credit rating by Standard & Poor’s, backed by Allianz, guarantees the resources and the speed for providing compensation to fully secure the businesses.

In the era of the digital revolution, Allianz Trade is pioneering by investing in data intelligence, advanced statistical tools and state-of-the-art technologies such as AI, to enable scalable access to the business data required for making sound underwriting decisions.

Our greatest strength lies in our people. Our specialists are the heart of the company, offering unparalleled knowledge and dedication to serving our customers. With a variety of experiences and skills, our team works closely with insurance intermediaries to provide innovative solutions that meet the ever-changing customer needs.

Our business is built on supporting relationships between people and organizations, relationships that extend across frontiers of all kinds - geographical, financial, industrial, and more. We are acutely aware that our work significantly influences economic and commercial activities, and with a deep sense of responsibility, we are committed to fulfilling our role effectively.

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www.piraeusagencysolutions.gr

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ANNIVERSARY

NEW TECHOLOGIES, THE DRIVING FORCE for Health and Economy

By ANTHI AGGELOPOULOU

The big bet of the government currently, is the implementation of Artificial Intelligence in the Health sector. Wearable technological tools for blood sugar control, applications such as MyHealthapp for an advanced patient file, digital exchange of information among structures, drones for sending medicines to remote destinations, electronic bracelets for monitoring patients in Emergency Departments, electronic scanning of medicines through the European EMVO control platform, in order to ensure the safe trafficking of all pharmaceutical products, are some of the reforms that have already been initiated.

According to Prime Minister Kyriakos Mitsotakis, Artificial Intelligence is a revolution that will turn everything upside down, while the government considers it as a very big opportunity for the country, to make growth leaps and outdistance other countries, which are ahead of us, simply because they had the opportunity to invest more resources. As he recently announced: “The AI Act, the new regulation for the arrangement of Artificial Intelligence, is a field of intense consultation at the moment in Europe and our country wants to actively participate”.

Experts agree that new technologies will play an important role in Healthcare services, however, the solutions offered by the companies manufacturing these technologies, will not be constructive if they are not embraced by the scientific community and adequately funded by the state.

The future in the hands of startups

A striking example is Envolve Entrepreneurship, which announced the launch of medagoraXL, a new Startup Support Program concerning the Health Technology sector. Since its founding in 2021, it has offered more than 6 million Euros to 37 businesses, activating in 20 different sectors, contributing to the creation of more than 2.000 working positions, while their valuation today exceeds 1,2 billion Euros.

The University of Athens also established a startup, paving the way for personalized health recommendations. This is GENOSOPHY®, which has developed a machine learning algorithm, capable of integrating and evaluating hundreds of thousands of DNA elements, providing personalized recommend-dations for health improvement.

Another standout achievement is the digital platform GrandMama, which connects families with trusted caregivers, offering personalized home care for the elderly and people with disabilities.

Also, the Greek biotechnology company ResQBiotech, a spin-off company of the National Research Foundation (NRF), applies innovative

biotechnological approaches for the discovery and preclinical development of drugs against protein misfolding diseases, such as Alzheimer, Parkinson, myotrophic lateral sclerosis, cystic fibrosis, systemic amyloidosis, etc.

Another medical technology start-up is PD Neurotechnology, with its main product PDMonitor®, a portable device with CE class IIa Certification, which constantly monitors the full range of movement symptoms of Parkinson's patients.

However, pilot tests have also been launched by the University Hospitals of Thessaloniki, through EMMA, which was supported by an EIT Health Program and the SymbIASIS Program (Connecting Hospitals and Startups), which was developed in order to address the reduction of patient waiting time.

Finally, at the JOIST Innovation Park in Larissa, a European Digital Innovation Hub has been created for the Digital Transformation of the Healthcare Sector through Artificial Intelligence applications, bringing together 26 leading organizations with extensive experience in AI, advanced health and pharmaceutical research, drug design and retargeting, etc.

ReBrain Greece is the solution

However, nothing will be possible if Greece does not manage to reverse the brain drain of scientists who have left the country in recent years. The government is betting on Brain ReGain, since now a dynamic ecosystem of startup businesses is being created, which have stock options in their remuneration models (the possibility of participating in profits), making employment extremely attractive, while strong tax incentives are also provided.

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Ιατρικό Διαβαλκανικό Θεσσαλονίκης,

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ATHENS MEDICAL GROUP

Science and Cutting-edge technology at the service of the Greek patient

For the last 40 years, the Athens Medical Group is a leader in the Healthcare sector, being the largest Greek healthcare group. With a strong presence throughout Greece, top-notch medical staff and state-of-the-art medical facilities, it continues to invest in innovation, sustainable development and safety of the patients.

Leading the way in «Brain gain»

At the Athens Medical Group, technological innovation focuses on the human factor, brilliant doctors and scientists who are at the forefront of technological developments, and make good use of them, in order to offer even more effective diagnoses and treatments.

In this context, the Athens Medical Group, for several years now, has been implementing an ambitious program in order to repatriate top Greek doctors who excel abroad, providing them with incentives, as well as the necessary conditions to continue their clinical work in Greece and combine their expertise with this of the country's leading doctors who staff the Athens Medical Group's hospitals.

Novelty, whether in terms of technological equipment, building infrastructure, or investment in the human factor, requires a long-term perspective in order to pay off, something that only a strategic investor can offer. As the largest and most stable pole of Health in Greece, the Athens Medical Group invests unwaveringly and with a long-term planning in innovation, with a scope to always be “one step ahead” and to constitute, in accordance with the

vision of the Group’s founder, Dr. Georgios Apostolopoulos, a meeting point between science and technology, so that Greek patients can enjoy top-notch, human-centered health services in their country.

Technological Superiority

Since its establishment, the Group has set as a long-standing commitment and practice, to be the first in Greece to adopt the latest developments in medical technology, thus creating substantial added value for Greek patients and the Greek medical community. The examples are many and emblematic: from the arrival of the first coronary angiography machine in our country, in 1984, a revolutionary event for that time, and the first da Vinci robotic system, in 2006, with which robotic surgery was inaugurated in Greece, to more recent achievements, such as the first percutaneous mitral valve replacement in the world, which took place at the Inter-Balkan Medical Center of Thessaloniki, as part of a large program of pioneering clinical studies of global scale.

Today, the Group's state-of-the-

art digital operating rooms host hybrid surgeries, with the use of cutting-edge technologies, such as virtual reality, providing unprecedented diagnostic and therapeutic capabilities for a wide range of diseases. Innovative equipment and materials are used, found in leading centers around the world, implementing technologies such as 3D printing, in order to provide personalized treatments, tailored to the anatomical peculiarities of each patient.

The Athens Medical Group possesses advanced robotic systems, such as the Da Vinci® Xi HD, having participated in the development of this specific technology, as a Reference and Training Center, the Focal One® HIFU (High Frequency Ultrasound) and ROSA®, while it has invested in powerful CT and MRI scanners, equipped with AI technologies, as well as a brand new digital PET/ CT system, digital angiographers, innovative equipment for stereotactic radiotherapy and digital mammography, which incorporate 3D technologies for breast cancer screening.

New International Oncology Center in Thessaloniki

The operation of the new International Oncology Center of the Athens Medical Group in Thessaloniki, signals a new era in Oncology. It is the largest private sector Oncology Center in Northern Greece, which functions as an accelerator of medical developments in our country and a point of reference for the entire Europe and the Middle East.

In a model building of 12.000 sq.m., next to the Inter-Balkan Medical Center of Thessaloniki, the International Oncology Center operates with standards comparable to those of the leading oncology centers worldwide, offering holistic care to each patient, from early diagnosis, to personalized treatment and continuous monitoring, in ultra-modern, specially designed spaces, of high security and aesthetics.

For early and accurate diagnoses, fully equipped imaging departments are available at the new International Oncology Center, having cutting-edge technologies with artificial intelligence programs.

Among else, the International Oncology Center has:

• Digital PET/CT system of the latest generation, with high detection sensitivity and impressive volumetric resolution, requiring a dose of radiopharmaceutical reduced by 80%, high definition diagnostic images and higher levels of comfort compared to older machines.

• Linear accelerators of the latest generation, such as the EDGE Radiosurgery system, which seems to have come from the future, giving a new dimension to Radiation Oncolo-

gy. As the first recognized Center for Stereotactic Radiosurgery & Stereotactic Body Radiotherapy in Northern Greece, radical targeted treatments are performed with absolute precision, on both benign and malignant tumors.

• Two MRI scanners (1.5 & 3 tesla), as well as two CT scanners (256-slice and 64-slice).

• State-of-the-art hybrid and digital operating rooms, equipped with advanced DaVinciXi robotic surgical systems.

• In addition, the possibility of performing chemotherapy in autonomous short-stay areas is provided, ensuring the safety and comfort of each patient.

Sustainable Development

The Athens Medical Group is also breaking ground as far as the adoption and promotion of sustainable development and viability principles are concerned. This is emphatically reflected in the new International Oncology Center in Thessaloniki, which was designed and implemented based on these exact principles. In this context, the Center is the first in Europe and the second in the world passive hospital building of its kind, certified by the Passive House Institute of Germany and the Hellenic Passive Building Institute.

The Center is a green and sustainable building complex, into which the right temperature is passively maintained, combining a high level of thermal comfort and indoor atmosphere with very low energy consumption. This implies enormous energy savings, which can even exceed 90% of the corresponding consumption of a conventional building.

Da Vinci Xi robotic system

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Affidea Group is the largest provider of Primary Healthcare in Europe, with operations in 15 countries, more than 400 medical centers, and over 17,000 healthcare professionals. Every year, 20 million examinations are performed for 14 million patients. In Greece, Affidea has a 20-year track record of leadership, offering reliable and safe high-quality diagnostic services. Its centers are equipped with state-of-the-art medical technology, highly trained personnel, and are contracted with EOPYY, public funds, and private insurance companies.

Affidea is actively investing in the digital transformation of its diagnostic centers, aiming to create a new model of “smart” diagnostic services that place people at the center. By utilizing digital technologies and eliminating the use of paper, the company seeks to improve patient experience, enhance operational efficiency, and reduce its environmental footprint. In this context, it developed the “myAffidea” app, a digital tool for holistic health management, offering citizens easy, secure, and immediate access to their examination results and medical history.

At the same time, Affidea is strengthening its strategic presence in European health technology through its participation in the i2X project (Intelligent Implementations of the European Electronic Health Record Exchange Format). This is a key European initiative for the interoperability of medical data among EU member states, paving the way for the creation of a Unified European Health Data Space.

A Pioneer in the Digital Transformation of Healthcare in Europe

The integration with the National Health Record, further reinforced by the i2X project, enables citizens to consolidate all their health-related information in one place, enhancing transparency, safety, and personalized care. In this way, Affidea establishes itself as a key player in the field of digital health in Europe, accelerating the transition to a more interoperable, human-centered, and technologically supported healthcare system.

Affidea strategically invests in modern equipment to ensure that all patients benefit from the latest advancements in medical technology—delivering faster and more accurate imaging in a safe and patient-friendly environment. Its equipment is among the newest in Europe, capable of performing both standard and complex diagnostic tests that provide detailed insights into patients’ health status. Notably, Affidea is equipped with the most advanced MRI and CT scanners, 3D digital mammography systems, ultrasound imaging, and more—technology designed with patient comfort and safety in mind.

By implementing procedures focused on safeguarding patient safety and achieving the best possible medical outcomes, Affidea places people first. As part of this approach, it has introduced the Dose Excellence program, a pioneering initiative for optimizing radiation dosage during CT scans. As a result, Affidea centers are listed on the “EuroSafe Wall of Stars” among the best and safest in Europe in terms of radiation protection. In addition, the MRI Excellence program applies during magnetic resonance imaging, combining high diagnostic accuracy with time-efficient scanning procedures.

With a consistent investment strategy, Affidea is shaping the future of diagnostic medicine—where technology and human care coexist harmoniously to deliver the highest possible standard of healthcare.

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Henry Dunant, one of the largest and most modern private hospitals in Southeast Europe, leads the way in providing top-tier healthcare services. Its recognition by the international organization Joint Commission International (JCI) with the Gold Seal of Approval is the ultimate confirmation of the hospital’s compliance with the strictest global standards of safety and quality. This distinction reflects the hospital's commitment to offering healthcare services focused on safety and efficiency, keeping the patient at the center of every activity.

Investments in Cutting-Edge Technology

Henry Dunant consistently invests in advanced medical equipment and cutting-edge technology, emphasizing the importance of innovation in improving healthcare. Among its most notable systems are the digital PET/CT and the Da Vinci Xi robotic system, which have set new standards in diagnostics and surgery.

Pioneering Excellence in Healthcare with Cutting-Edge Technology

Digital PET/CT

The digital PET/CT is one of the most advanced diagnostic tools, combining positron emission tomography (PET) and computed tomography (CT) into a single comprehensive examination. This innovative technology provides highly accurate images, enabling detailed studies of both the anatomy and metabolic activity of tissues. It is particularly useful in oncology for diagnosis, staging, and assessing therapeutic response, while contributing to the design of personalized treatment approaches. The ability to perform faster imaging with reduced radiation and its suita-

bility for claustrophobic patients make it ideal for widespread use.

Da Vinci Xi Robotic System

The Da Vinci Xi robotic system represents the pinnacle of surgical technology. Offering high-resolution 3D imaging and exceptional precision, the system allows surgeons to perform complex procedures using a minimally invasive approach. The robotic instruments mimic human hand movements, achieving greater flexibility and accuracy. This technology reduces postoperative pain, minimizes complications, and accelerates patient recovery, making it ideal for a wide range of procedures.

Comprehensive Equipment and High-Quality Services

Henry Dunant boasts an extensive array of advanced medical systems, including robotic knee surgery, digital mammography with tomosynthesis, lithotripters, and state-of-the-art dialysis machines. The high level of equipment is complemented by collaborations with leading physicians selected based on strict quality criteria.

Partnerships with Insurance Companies

One of Henry Dunant’s strengths is its collaboration with all major Greek and international insurance companies, offering special bene-

fits to insured patients. Free consultations, diagnostic tests valued up to €500, and significant discounts on additional tests make the hospital an accessible and reliable destination for every patient.

Commitment to the

Future

Through the continuous upgrade of its equipment and the implementation of international quality standards, Henry Dunant remains a pioneer in healthcare, providing top-notch services centered on humanity. The hospital’s vision is to continue meeting its patients’ needs, maintaining its leadership position in Greece and Southeast Europe.

HENRY DUNANT

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By ARIS BERZOVITIS

The important role of private hospitals and clinics in the strengthening of healthcare systems is highlighted by the Association of Hellenic Clinics and the European Union of Private Hospitals, in a joint statement, co-signed by Yiannis Androutsos and Paul Garassus, presidents, respectively, of the two organizations.

As mentioned, Healthcare systems across Europe are under enormous pressure, due to the growing demand, the ageing population and the complexity of integrating innovation. While each country faces its own challenges, there are still common issues remaining, such as: shortage of healthcare professionals, reluctance of workers to take on demanding jobs, long waiting lists, difficulties in accessing cutting-edge treatments and growing concerns about the financing of Healthcare.

In order to address these challenges, further investments, more health professionals, training of future employees and more efficient use of resources are needed. Equal access to diagnosis, treatment and innovative therapies should be ensured for all citizens, while allowing each Member State to determine the most appropriate funding terms.

Private Hospitals and Clinics: A crucial part of the solution

Under the above circumstances, the solution is provided by private hospitals and private clinics, which play a key role in the strengthening of Healthcare systems. As the presidents of the two institutions characteristically emphasize: “We bring competence, investment, flexibility, efficiency and we serve as benchmarks as far as quality is concerned in the Healthcare sector. Today, non-public sector hospitals represent on average 40% of all hospital beds in Europe (Eurostat, 2022: Link).

Private hospitals and clinics provide a significant share of hospital activities, including emergency care, consulting medicine, surgery and hospitalization. Every day, we provide high-quality and safe Healthcare to millions of citizens across Europe”.

As the representative of Europe’s private hospitals and clinics, the European Union of Private Hospitals (UEHP) further strengthens its new mandate, having as a clear aim to contribute with effective solutions to the structural challenges of the healthcare sector. “Private hospitals are not just supplementary healthcare providers –they are essential partners, with a specific and significant contribution to national healthcare systems across European countries”, is noted in the statement, highlighting the sector’s unwavering commitment to high-quality healthcare

ASSOCIATION OF HELLENIC CLINICS –EUROPEAN UNION OF PRIVATE HOSPITALS

The crucial role of private hospitals and clinics in the strengthening of healthcare systems Ways to improve the sustainability and efficiency of healthcare

services, sustainable healthcare, innovative medicine and facilities.

At the same time, the Association of Hellenic Clinics and the European Union of Private Hospitals point out that, although the sector has significantly evolved in recent years, they know that it can do even better.

In order to achieve this, all parties involved in healthcare systems must take action in the following areas:

1. Strengthening sustainability, efficiency and resilience

• Optimizing existing healthcare resources.

• Improving healthcare planning and delivery.

• Strengthening synergies between public, for-profit and non-profit healthcare providers.

• Integrating Artificial Intelligence (AI)driven solutions, that will enable more accurate medical diagnoses and treatments, improve patient management, optimize clinical decision-making and resource allocation, and thereby further strengthen the resilience of the system.

2. Ensuring fair and equitable compensation and payments for the services provided

• Proportionality in the terms of compensation and payments of private hospitals in comparison with those of public hospitals.

• Frequent updating of regulated pricing and compensation.

3. Addressing workforce shortages and enhancing the attractiveness of jobs

• Addressing staff shortages, by providing training opportunities and improving working conditions.

• Increasing the attractiveness of working positions in the healthcare sector for the future generations.

• Integrating AI-based solutions that will be able to streamline workflows, reduce administrative workload, support clinical decision-making and therefore reduce pressure on the already overburdened healthcare systems.

4. Improving the sustainability and efficiency of Healthcare

• Continuous evaluation and improvement of healthcare systems.

• Optimizing the use of resources, while maintaining high-quality care.

5. Promoting digital transformation and equal access to European funding

• Promoting digital integration in all Healthcare providers – public, private and non-profit.

• Supporting the inclusion of emerging AI technologies, by adopting a clear, flexible and secure regulatory system, as well as by financing innovation in the field of AI. Ensuring fair access to European funding for technological developments.

“The sustainability of Healthcare systems depends on us. The challenge is urgent and citizens expect –and deserve– real solutions and the best possible Healthcare”, the Association of Hellenic Clinics and the European Union of Private Hospitals characteristically conclude in the joint statement.

EUROCLINIC GROUP

Innovative health services, with the patient at the center

Euroclinic Group is one of the most contemporary diagnostic, surgical and therapeutic centers in Greece. Since its establishment, in 1998, it has been steadily playing a leading role in private healthcare, becoming a benchmark for the incomparable quality of its healthcare services and patient-centric mentality, which focuses on personalized and individualized clinical care and treatment.

Euroclinic is active in the healthcare services sector, contributing greatly to the development of private healthcare in Greece. Operating based on respect for people and life, innovation and credibility, it has played a key role in shaping the country’s healthcare framework.

Safeguarding and ensuring the provision of high-level healthcare services is a strategic priority for Euroclinic, through fostering innovation and continuously enhancing its medical equipment and infrastructure. Euroclinic is fully in tune with the technological advancements in the field of medicine, standing by people in need and offering safe and reliable healthcare services.

Providing top-quality medical services is a priority for Euroclinic. Respecting the needs and expectations of patients and visitors, and recognizing the significance of the services it provides, Euroclinic is committed to ongoing improvement.

This commitment covers the entire range of its services, activities and operations, meeting the needs of all patients and visitors who place their trust in Euroclinic and its associate physicians.

The Athens Euroclinic was the first hospital in Greece and Europe to obtain the Patients' Friendly Hospitals Certification, by implementing specific procedures that enhance the patient experience and satisfaction.

In the context of this certification, the Hospital focuses on continuously improving its services to provide better care to its patients, and it records any complaints or concerns to immediately resolve any issues, while also monitoring patient and carer satisfaction. In 2017, the Euroclinic Children’s Hospital also obtained the Patients' Friendly Hospitals Certification. One of Euroclinic’s first priorities is to achieve financial growth, along with creating value for all stakeholders and actively supporting vulnerable population groups and the community at large. The Euroclinic business model is depicted below. It includes the main activities, the most important partnerships and relationships, as well as the basic resources that contribute to the generation of added value and utility for the ultimate recipients of the healthcare services offered by Euroclinic.

Ever since its establishment in 1998, the Athens Euroclinic has been offering exceptional healthcare services, focusing on people. It is a comprehensive diagnostic, surgical and therapeutic center, able to meet patient expectations, by setting high standards and adhering to a strict quality policy, like the largest international healthcare institutions.

Owing to its top medical and nursing staff, unique specialties and awards on a national and European level, its state-of-the-art medical equipment and its modern facilities, it has been steadily playing a leading role in private healthcare.

The Euroclinic Children’s Hospital is recognized as one of the most modern pediatric hospitals at the center of Athens. In its 20 years of operation, distinguished physicians and qualified nursing staff have offered their services with sensitivity and a deep sense of compassion. Euroclinic Children’s Hospital offers a wide range of pediatric specialties and subspecialties through its departments and special units for children aged 30 days to 16 years.

In 2017, Euroclinic expanded its services by establishing the Polyclinic – SIMEIO DYO located in a fully renovated space, just a few meters away from the Athens Euroclinic and Euroclinic Children’s Hospital and is easily accessible by public transport. It offers checkups, comprehensive nutrition plans and cosmetic dermatology services. At the same time, new clinics and innovative treatments are continuously being added.

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Cypriot Insurance Market:

A strong flirt with the Banks

By our Correspondent in Cyprus, GIANNIS SEITANIDIS

The insurance industry in Cyprus confirms every quarter, with the publication of premium production, that it is a dynamic and growing sector of the economy, presenting a steady increase in activities and a trend of concentration through acquisitions, as well as an integration strategy with the banking sector.

The country’s two major banks, Bank of Cyprus and Hellenic Bank (which is a member of the Eurobank Group and is set to merge with the Cypriot subsidiary of Eurobank), are investing dynamically in the industry, seeking to expand their non-interest income. Neither bank is ruling out new acquisitions. The general non-life sector in particular, with its large number of companies, is offered for concentration. With the steps that have already been taken, the two banks now control almost 60% of the market in the Life sector (Bank of Cyprus: 30,6% Hellenic Bank: 28,1%) and 41% of the general sector (Bank of Cyprus: 17,9% and Hellenic Bank: 22,9%).

The two Bank’s CEOs are in agreement, when commenting on the first quarter results:

“As part of our strategy to expand our insurance activities and further improve our diversified business model, in April 2025 we signed a binding agreement to acquire 100% of Ethniki Insurance Cyprus Ltd, for a total price of 29,5 million Euros. This acquisition further consolidates our strong position in the insurance business in Cyprus, both in the life and general sectors, and will enhance the contribution of non-interest income to the Group’s profitability”, says Mr. Panikos Nikolaou, CEO of Bank of Cyprus. Bank of Cyprus owns the insurance companies Eurolife in the Life sector and General Insurance Cyprus in the General sector. Ethniki Insurance (Cyprus) has a 2,3% share in the Life Sector and a 4,3% share in the General Sector.

This acquisition further consolidates our strong position within the

Investments in insurance companies offer, stable Income:

Insurance offers recurring, predictable income, less sensitive to interest rate fluctuations.Cross-Selling Potential: Banks leverage their customer base to distribute insurance products through physical and digital channels.

Risk Diversification: Insurance activities balance the challenges of the traditional banking sector.Alignment with European Trends: The European model for the development of bancassurance groups is being adopted.

Banking integration offers mutual benefits, providing banks with diversified revenues and insurers with capital, expertise and distribution networks

industry. Bank of Cyprus’s net result from insurance operations amounted to 12 million Euros for Q1 2025 (compared to 11 million Euros

for Q4 2024 and 10 million Euros for Q1 2024, increased by 5% quarter-on-quarter and by 19% year-onyear). The quarterly increase main-

ly reflects lower claims in the general insurance sector. The annual increase is due to the increase in life insurance operations and the posi-

tive claims experience in the general insurance sector, due to the severe weather events that occurred in Q1 2024.

“The acquisition of CNP Cyprus Insurance Holdings has been completed. These developments constitute important milestones in our pursuit of becoming one of the leading financial services providers in Cyprus”, Mr. Michalis Louis, CEO of the Hellenic Bank said. Hellenic Bank owns Hellenic Life in the life sector and Pancyprian Insurance in the general sector, while the acquisition of CNP Cyprus significantly strengthens its presence in the Cypriot insurance market.

Hellenic Bank's net income from insurance operations during the first quarter, amounted to 4 million Euros, compared to 2,5 million Euros in the corresponding quarter of 2024, increased by 60%, mainly due to the increase in the net result of insurance services. The result is mainly due to higher income at the same time and lower expenses from insurance services, which were partially offset by the higher

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Main Players

The Cypriot insurance market has traditionally been fragmented, but is currently being consolidated through acquisitions, mainly by banking groups, as already mentioned.

In the life sector, the first place is held by Eurolife, subsidiary of the Bank of Cyprus (28,3%), followed by CNP with a share of 22,67%. In third place we find Universal with a share of 15,1% and the top five are completed by Ancoria with 10,3% and Metlife with 8,3%.

In the general sector, the first place is held by CNP with a share of 14,3%, followed by: General Insurance of Cyprus (13,6%), Trust Insurance (10,7%), Pancyprian (8,6%), AIG (6,6%) and Atlantic (5%).

Growth Drivers and Challenges

The perspectives for the industry remain positive, with key drivers:

• Economic Recovery and Investment: Increased real estate investment is boosting demand for property and business insurance.

• Increased Health Awareness: The pandemic has increased interest in private health insurance, despite the introduction of the General Health System which offers universal coverage.

• Digital Transformation: Introduction of AI technologies, automated contract and claims management.

allocation to reinsurance expenses. There is also a decrease in net insurance financing expenses, mainly from the Life insurance sector, due to the lower return on assets covering insurance liabilities.

The strategic focus of the banks on insurance is linked to the need to expand their non-interest income. Investments in insurance companies offer:

• Stable Income: Insurance offers recurring, predictable income, less sensitive to interest rate fluctuations.

• Cross-Selling Potential: Banks leverage their customer base to distribute insurance products through physical and digital channels.

• Risk Diversification: Insurance activities balance the challenges of the traditional banking sector.

Growth Path

The data confirms that the Cypriot insurance industry has a strong growth dynamics and positive future prospects.

The Cypriot insurance market maintains a relatively balanced distribution between life and general insurance, with a slight predominance of the former.

In particular, in 2024 production amounted to 1,3 billion Euros, from 1,2 billion Euros in 2023, increased by 7m6% and the outlook remains positive. The life sector (including production in the Health and Acci-

• Alignment with European Trends: The European model for the development of bancassurance groups is being adopted. Banking integration offers mutual benefits, providing banks with diversified revenues and insurers with capital, expertise and distribution networks. Further concentration is expected to increase efficiency, but this may raise serious concerns in terms of competition.

dent sectors) had the best perfor mance, with a production of 800,082 million Euros in 2024, compared to 729,4 million Euros in 2023, increased by 9,7% which follows the increase of 17% in 2023, in comparison to 2022.

In the general sector (excluding the production of life companies in the Health and Accident sector) production in 2024 amounted to 503,554 million Euros, from 474,426 million Euros in 2023, increased by 6.1%. In 2023, compared to 2022, production had recorded an increase of 10,4%. This upward trend continues, while Statista has made the impressive estimation that the market will reach 3,14 billion USD (gross written premium) in 2025. According to Global Data, the industry is expected to maintain a compound annual growth rate (CAGR) of over 6% for the period 2024-2028.

Despite the positive trend, insurance awareness in Cyprus remains lower than the European average, with per capita spending limited to 1.000 Euros per year, indicating significant margin for further growth.

Among the various challenges, the main one remains the strengthening of supervision, as the position of Insurance Commissioner has been vacant for over five years. At the same time, insurance awareness remains low, requiring educational initiatives.

As Cyprus continues to grow in terms of economy, the insurance sector will play an increasingly important role in the financial security of citizens and businesses, while also acting as a strategic pillar of growth for the country's largest financial groups. The evolution of the bancassurance model will be a defining feature of the Cypriot financial market in the coming years.

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Will Banks defeat the Economic Model?

By CHRISTOS KITSIOS

“We are observing a shift in the fundamental monetary, economic and geopolitical order. Such shifts occur every 30 to 50 years, when there are major economic imbalances. At the moment, it is not clear when a new equilibrium will be established, which will be its form and how long it will last”, the CEO of Eurobank, Mr. Fokion Karavias, said during its recent annual general meeting of shareholders.

Within the above environment of tectonic changes, the main question that arises for the domestic banking system is whether it will manage to surpass the country's economic model. The Greek economy will continue to grow this year at a stronger pace than the Eurozone, based on official estimates, as it is has little direct exposure to the risk of increased tariffs from the US, due to limited exports. However, if the tariffs push the already suffocating Eurozone economy into an artificial recession (for two or three quarters), the blow for the Greek economy will be considerable, since the Eurozone is the main destination for its exports, as well as the main pool of tourists.

Despite the more than ten-year period of crisis and the growth that followed after 2018, Greece has not managed to establish a more sustainable, long-term growth model, not being so dependent on consumption and tourism. Fixed asset investments, as a percentage of GDP, increased from 11% in 2019 to 15,3% in 2024, but still significantly below the European average of 21%.

Greek banks reflect the above model in their balance sheets, some more and others less. In recent years, they have managed to show strong profitability, thanks to the combination of credit expansion and increased interest rate by the ECB. This was preceded by the consolidation of their balance sheets, by selling or securitizing their claims from Non-Performing Exposures, while last year they found a “formula” with the European Central Bank for the acceleration of the de-recognition of Deferred Tax

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Claims (DTCs), in order to eliminate their contribution to regulatory capital by 2033 and to readjust, in the meantime, the shareholder reward policy (payout ratio) to levels closer to the European average (i.e. 65% to 70% of annual profits).

Despite the enormous progress they have made, some of the effects of the debt crisis are still visible. Banks hold significant amounts of senior notes of Greek government-backed securitizations, a high percentage of households and professionals are not creditworthy, given the economic recovery, while credit expansion comes only from corporate lending, as soaring house prices (due to limited supply) render mortgage loans prohibitive for most households.

In the event of a deeper slowdown in Europe's major economies, Greek banks will be affected, not only due to the ECB's reduction in interest rates and the consequent reduction in net interest income, but also by the impact of the slowdown on the figures and mainly the investments of their corporate clients.

The increase of performing loans is the main “weapon” in the story of domestic banks, as the income from commissions contributes less to the organic profits, compared to the average of large European banks. This year, it is estimated that commissions will constitute 18% to 25% of the net income. The largest part of the commissions comes from traditional banking operations [e.g. fees for (new) loans, credit card charges, etc.]. Commissions from fund management and bancassurance remain at particularly low levels, in comparison to Europe.

Credit expansion of over 10,4 billion Euros this year

The aim of the four major domestic banks (Eurobank, National Bank, Piraeus Bank and Alpha Bank) this year, is to increase current loans by at least 10,4 billion Euros (+7,07%), a performance that will partially allay investors' concerns about the course of net interest income and profitability in 2026, since interest on new loans begins six months after their disbursement.

For the current year, based on the data available so far, there is no any issue. The Banks’ managements have stated emphatically that this year's targets for net interest income (NII) and profitability are not at risk, even if the ECB lowers the deposit facility rate below 2%. Eurobank, in fact, appeared confident of achieving the NII guidance, even if the ECB interest rate approaches 1,5%.

Behind the above certainty lies the combination of strong credit expansion during the previous year and the rise in commission income, despite the fact that the government “put the brakes” on charges for “public transactions”. The loans granted by banks six months ago, are now bearing interest. Hence, a stabilization of net interest income is expected during the second quarter, although the reduction in interest rates continues. It is

ANNIVERSARY

► The weapons and the “Achilles’ heel” of domestic Banks, in case tariffs and monetary-geopolitical turmoil plunge the Eurozone into recession.

► The safety "cushion" of this year's credit expansion and the still low income from Bancassurance and Asset Management

recalled that during the last quarter of the previous year, a… crescendo of lending was recorded, with credit expansion exceeding 7,5 billion Euros.

Eurobank, Piraeus Bank, National Bank and Alpha Bank, reiterated their NII guidance. Eurobank expects around 2,5 billion Euros, Piraeus around 1,9 billion Euros and National Bank over 2,1 billion Euros. Their annual targets suggest that quarterly net interest income will not fall, on average, below the first quarter performance (see table). In contrast, Alpha Bank's annual target (NII above 1,65 billion Euros) is consistent with its management's guidance for an increase in net interest income in the coming quarters, due to lower sensitivity to interest rate cuts.

However, the investors' attention is focused on how net interest income will move in 2026, in the event that concerns about a slowdown in major European economies or even worse, a recession, as a result of the economic, monetary and geopolitical turmoil caused by Trump's policies, are confirmed. Bankers avoided talking about 2026, due to high uncertainty, but the performance of first-quarter credit expansion and, above all,

the certainty of achieving year-end targets, is a first indirect answer to the concerns. And this is because this year's credit expansion broadens the base of net interest income in 2026.

Eurobank and Piraeus Bank saw their performing loans increase during the first quarter by 1,2 billion Euros and 1,1 billion Euros, respectively (Note: part of Eurobank’s credit expansion was “eaten away” by the decline in the value of dollar loans), while Alpha Bank and National Bank of Greece followed suit.

For the whole year, Eurobank expects an increase in current loans by approximately 3,5 billion Euros, of which 1,9 billion Euros in Greece and the remaining 1,6 billion Euros abroad. If it succeeds, it will become the first domestic bank to re-approach the 50 billion Euros balance of (current) loans (approximately 49,8 billion Euros).

The optimism described above, derives from the assessment that term-deposits interest rates in Cyprus will de-escalate, following, with a short time difference, the fall in interest rates by the ECB, thanks to the broad deposit base that the Hellenic Bank of Cyprus adds to Eurobank Cyprus and the strong demand for loans in Bulgaria, which maintains

the average spread.

National Bank of Greece, Piraeus Bank and Alpha Bank are moving in parallel. NBG is targeting a credit expansion of 2,4 billion Euros (about 36 billion Euros) for this year, Alpha Bank at least 2,2 billion Euros (over 35,5 billion Euros) and Piraeus Bank at 2,3 billion Euros (about 36 billion Euros). Of course, Piraeus Bank has increased its outstanding loans by 1,1 billion Euros during the first quarter. It is therefore possible that the guidance for credit expansion will be revised upwards during the current year.

18% to 25% of net commission income

Eurobank and Piraeus Bank present the highest contribution of commission income to their net income. Eurobank reported net commission income of 169 million Euros during the first quarter, which corresponded to 20% of net income. For the whole year, it expects commission income of around 740 million Euros (i.e. 22% of net income). Piraeus Bank had a net interest income of 160 million Euros during the first quarter (i.e. 25% of net income) and is targeting to around 650 million Euros for the whole year (i.e. around 25% of net income). Alpha is in hot pursuit of their performance, with net commission income of 108 million Euros during the first quarter (19% of net revenue) and aims to bring in 450 million Euros for the whole year (20% of net revenue). Finally, National Bank of Greece, with 106 million Euros during the first quarter (14% of total revenue), aims to close the fiscal year with approximately 470 million Euros (18% of its net revenue).

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INSURANCE RE MEETING HYDRA

The uninsured Greeks, their money available and the penetration of insurers in the market!

By COSTAS PAPAIOANNOU

The significant cash reserves of the Greek s that are not used to protect their lives, pensions, real estate, as well as their professional activities!

Greek citizens tend to have a lower perception of the risks they run through, compared to the rest of Europeans.

The vast majority of Greeks range from uninsured to underinsured. Insurance penetration in Greece is at 2,4%!

According to the statistics of the Hellenic Statistical Authority, today in Greece we have 10.413.982 residents, distributed in approximately 4.300.000 households. All of them together, according to the combined data of the Bank of Greece and Tax Authorities, have approximately 196 billion Euros in deposits and significant real estate (privately owned homes, swimming pools, pleasure boats, rental homes, deposits and property abroad)!

Furthermore, no matter how hard we tried, we were unable to accurately determine how many insured people we have in Greece, as a whole, and to make a direct comparison between the population and the insured. However, per insurance sector (or at least by the corresponding number of contracts per sector), from the data officially released by the Hellenic Insurance Association, we have approximately 1 million contracts in the Health sector, 1,6 million contracts in the Life sector and 1,16 million contracts in the Property sector, or approximately 3.700.000 contracts in total in

the above insurance sectors!

The per capita insurance premium in Greece amounts to 511,59 Euros, of which 240,62 Euros concern the Life sector and 270,98 Euros concern the general insurance sectors, with the total production of insurance companies for 2024 amounting to 5,7 billion Euros, increased by 8,7% compared to last year.

This practically means that the average per capita premium production in 2024 has correspondingly increased by approximately 11,2% and has reached 511,59 Euros. What is observed from the per

capita distribution of premiums by insurance sector, is that General Insurances come first in production, while Life Insurance is second, which is common in terms of the Greek market.

Furthermore, what is observed in the per capita premiums is that, as far as General Insurance is concerned, out of the total production of all 18 sectors, almost 50% concerns the Automobile sector (along with their mandatory by law civil liability), 25% concerns the Fire sector and the remaining 25% concerns all the other 14 sectors of General Insurance, including the remaining civil liability

the remaining 14 insurance sectors of

we collect in total the premiums that correspond to the Fire sector alone!

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In conclusion, the vast majority of Greece’s population range from uninsured to underinsured in the critical sectors and the corresponding critical needs of its inhabitants, concerning the coverage of their pension needs and their needs related to the insurance of their assets (especially today, an era of climate change and crisis) and because of this, insurance penetration in Greece is very limited and amounts to only 2,4%, according to data from EIOPA and HAIC!

sectors (except automobiles), the transport sectors, the credit and guarantee sectors and the remaining very important sectors, which if their production had developed, would have skyrocketed both the clientele and the total production of premiums!

Given the fact that a lot of the Insurance Companies existing customers have more than one policy (per household or even per person), which usually concerns the Fire (Property), Life (including Unit Linked, pension benefits and hospital benefits) and Motor sectors (which, in addition to the mandatory Third Party Liability coverage by law, also have some additional benefits such as theft and fire), this leads us to the following conclusions:

1. Approximately 90% of Greece’s population

is completely uninsured!

2. Out of the insured, most of them are underinsured, because, in the main, they have only covered their needs related to the automobile and fire sectors (where the majority is underinsured, basically due to mortgage lending), as well as some of their health needs, also having their very intense retirement needs uncovered!

In conclusion, the vast majority of Greece’s population range from uninsured to underinsured in the critical sectors and the corresponding critical needs of its inhabitants, concerning the coverage of their pension needs and their needs related to the insurance of their assets (especially today, an era of climate change and crisis) and because of this, insurance penetration in Greece is very limited and amounts to only 2,4%, according to data from EIOPA and HAIC!

Furthermore, according to the Bank of Greece, extreme weather events have a negative impact on the economy. The direct cost of natural disasters is linked to the restoration of damages, which, due to the significant gap of private insurance protection in Greece, is mostly covered by the State. We expect this to be amended by the new legislative interventions.

In Greece, consumers are not sufficiently informed about the benefits of insurance, the levels of risk they face, the real price of their residence, pension and health insurance, as well as the reliability of insurance companies. According to surveys, Greece has one of the highest percentages of people without insur-

ance experience in the EU.

Further, 57% of Greeks who have insured their residences did not purchase the insurance on their own initiative, but only as a condition for mortgage lending from banks. Greek citizens tend to have a lower perception of risks associated, not only to natural disasters, but also of the risks related to their investments and retirement and, ultimately, of all the risks they run through!

All the above together, leads us to the conclusion that the Greek market needs to reorient itself and modernize the professional training of insurance executives (sales and administrative) in their entirety, in accordance with modern data, legislative and supervisory data included!

EU is running forward and we aim to approach it, in terms of production!

This requires reorientation, mindset adjustment, modernization and modern education, in order to fill the gaps described above! It is not enough for insurance intermediaries to only be aware the products and what the certification papers of their knowledge define! They must also dive deeper into customer and market data, in order to boost their sales!

Private insurance plays a key role in crucial fields, related to development, which start from mitigating the negative effects of natural disasters and extend to better healthcare and retirement conditions!

Historically, insurers have the knowledge, capital, experience and products to support economic growth and meet the needs of their customers!

WHO IS WHO –Costas Papaioannou

He is a Visiting Professor at the University of Athens MBA, specialized in Insurance Administration and a Certified Instructor of insurance subjects, with many years of educational experience.

He is the author of the books: “Investments and Insurance”, Spyrou Editions, 2021, “Insurance Agents”, Spyrou Editions, 2022 and “Basic Training of Insurance Intermediaries in the Sectors and Products of Life and General Insurance”, Spyrou Editions, 2024. In addition, he is co-author of books published by the Hellenic Institute of Insurance Studies and the Hellenic Bank Institute. He is a columnist for Next Deal.

He has studied economics and has a postgraduate degree in insurance.

He has worked as Manager of Education, in some of the largest insurance companies and banks operating in the Greek market.

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Client Expectations in the Digital Age: How Agents Can Adapt

By LAURA STAVRIDOU

In an era of instant everything — from rideshare apps to one-click shopping — today’s insurance clients expect more than just policies.

To thrive in this fast-changing environment, the use of technology should not be made for novelty’s sake but to enhance operational efficiency, and to streamline all processes, from sales and underwriting to claims handling.

Potential and existing clients want fast, convenient, personalized service from their agents. For those in the insurance industry, this shift represents both a challenge and an opportunity.

On the other hand, insurance agents seek to apply technology in their everyday work. That could allow them to direct their top talent towards high-value opportunities like customer acquisition and business development, rather than mundane tasks like record keeping.

Today, the requirement for the insurance agent is to acquire Digital-First Mindset. Modern clients, especially Millennials and Gen Z, are digital natives. According to a 2024 report from “Accenture”, 77% of insurance customers say they are willing to switch providers for a better digital experience. Meanwhile, a Salesforce study found that 80% of consumers view the experience a company provides, as equally important as its products.

Many consumer surveys have shown that customers now expect:

• 24/7 accessibility or at least quick responses to their requests.

• Mobile-friendly communication from insurance agents.

• Transparent pricing and instant quotes.

• The documentation of the information for completing the application must be digital with e-signatures.

• Most importantly: Personalized service based on their needs and behaviours.

All of the above are great but how about the insurance as a profession. Is Insurance agent about to extinct?

I personally think that Sabine VanderLinden, CEO of Alchemy Crew and Insurtech Thought Leader, put it nicely:

“Digital tools aren’t replacing the agent — they’re empowering them. The agents who thrive are those who use technology to strengthen relationships, not replace them.”

So, what does this practically mean for agents in everyday life?

The traditional office-based, paperwork-heavy model, doesn’t cut it anymore. But the good news is agents don’t need to become tech experts — they just need to plug into the right systems.

1. Embrace Digital Communication Channels

Texting, emailing, and video calls are becoming standard. Tools like RingCentral, Zoom, or WhatsApp Business allow agents to meet clients where they are, on their phones.

If that doesn't convince you, here are some statistics: According to Podium’s 2023 Consumer Survey, 41% of insurance clients prefer to communicate via text, yet only 17% of agencies regularly use it.

2. Automate the Routine, Personalize the Rest

Use CRMs like AgencyBloc, HubSpot, or Vertafore to automate follow-ups, appointment reminders, and renewal notices. This saves time and ensures you stay top of mind, while freeing you to offer more personal attention during key moments.

3. Offer Instant Quotes

4. Go Paperless Digital document management is a baseline expectation. Clients want the convenience of e-signatures, digital policy delivery, and secure document portals.

5. Be Proactive, Not Reactive

Use data analytics from your CRM or quoting tools to anticipate client needs, whether is adding a new coverage, or preparing for renewals. A proactive agent builds loyalty and trust.

6. The Human Element Still Matters

Even in a tech-driven world, clients value empathy, advice, and trust. As McKinsey noted in a 2024 report, “Human interaction remains a key differentiator in the insurance customer experience — especially during claims and complex coverage decisions.”

Bottom line

Insurance may be a centuries-old industry, but it doesn’t have to feel that way. By aligning with how clients want to communicate and buy, agents can stay relevant, competitive, and even thrive in a digital-first world.

We should find our way with technology because as Bryan Falchuk (Managing Partner, Insurance Evolution Partners) says: “Tech does the heavy lifting. Agents do the heavy thinking.”

Just ask yourself: Are you easy to reach?

Can prospects get quotes without delay? Are your systems built for convenience or complexity?

If not, it’s time to upgrade. Your next client is already expecting it.

The ultimate goal is to create an environment where technology remains in the background but still operates correctly and intelligently to enhance a client’s experience.

Laura Stavridou

INSURANCE Professional | Founder at Insurance Academy | Risk & Training Innovator

With over 35 years of experience in business insurance, risk analysis, and professional training, Laura Stavridou is a pioneering figure in the evolution of insurance education and digital tools. She is the founder and Head of Training & Research at Insurance Academy, where she designs applied training programs and develops algorithmic models to support business needs analysis and insurance planning.

As Lead Developer of the KeyStone Project, Laura has spearheaded the transition from traditional risk-sharing plans to innovative digital platforms for medium and large enterprises. Her leadership has also guided national and corporate training projects, including the redesign of EuroLife Cyprus’s training curriculum in 2020.

Laura’s contributions include authoring insurance education manuals adopted by the Cyprus Insurance Institute, moderating the TAC/LUTC program and co-developing the first standardized Insurance Protocol in Greece.

Her academic background in Economics (University of Athens), along with certifications such as LUTCF and SIMCA, reinforce her credibility as both a thought leader and practitioner in the insurance space.

A consistent advocate for insurance literacy and professional excellence, Laura continues to blend innovation with education in shaping the future of the industry.

By MARY LAMBADITI

Greece is still lagging behind throughout EU, as far as the creation of Occupational Insurance Funds (OIF) is concerned. The total assets of the 33 existing Funds (29 voluntary and 4 mandatory insurance) represent only 1% of the GDP, while in other countries it reaches 233% of the GDP and the average in OECD member states is 105,1%.

On 31/12/2024, the 33 OIFs in Greece counted 222.671 insured persons, while their assets (property) were 2,5 billion Euros.

Representatives of institutional investors are sounding the alarm, pointing out that the demographic problem creates the need for funded insurance systems and supplementary pensions. According to economists' studies, in 2100 the inhabitants of Greece will be fewer by 3,7 million, while the whole population of Europe will decrease by 150 million.

But also in the report of the Institute for Economic and Industrial Research, concerning the OIFs, the multiple benefits to both the insurance system and the long-term course of the Greek economy through retirement savings, are highlighted. The report estimates that the OIDs can boost the Greek economy by 2,7 billion Euros annually.

At the same time, the report released by the OECD on the benefits of Occupational Insurance Funds, shows that Greece has lagged behind other countries where the institution of multi-employer pension funds is already developed, which facilitate the provision of pension programs with the participation of the employer.

It must be noted that multi-employer funds are created by groups of people who do not have any professional bond, do not belong to the same professional group, do not practice the same profession and are not employed by the same company.

The fact that a lot of countries have recently turned towards the creation of multi-employer OIFs, is indicative, as the benefits are multiple and mainly the reduction of administrative costs, the creation of economies of scale, the best investment choices and better governance.

These Funds would be the best solution for Greece, where small and medium-sized enterprises dominate and there is a large number of self-employed people. According to official data, over 88% of businesses employ up to 10 people and a total of

THE “MAP” OF PROFESSIONAL FUNDS IN GREECE

Their establishment moves at a slow paceThe upcoming challenges and changes

98,4% of businesses employ up to 50 people.

However, although the establishment of multi-employer funds was also legally established in our country with Law 5078/2023, the discussions between the various entities have not yet borne fruit, as for example the fund of the social partners, namely the General Confederation of Greek Workers and the Hellenic Federation of Enterprises, remains on the papers.

Let’s keep in mind that the law equated the taxation of the OIFs benefits with the taxation that already existed in group private insurance policies.

However, the Minister of Labor Mrs. Niki Kerameos, recently announced new institutional interventions and a supplement to Law 5078/2023 with the aim of developing a modern, sustainable and socially fair occupational insurance framework.

One of the main changes will provide that those insured through group occupational retirement insurance products, will have the same terms concerning their entitlement, establishment and receipt of pension benefits, as those that apply to those insured by Occupational Insurance Funds.

In any case, Mrs. Kerameos clarified the key role of the Bank of Greece, in collaboration with which, moreover, the ministry is working on improvements, and called all bodies involved for consultation.

The agenda of the dialogues will include the following issues:

• Facilitating the portability of insurance rights among the 2nd Pillar institutions (exchange of insured persons between OIFs and group contracts).

• Reducing the operating and management costs of the OIFs through special tax exemptions, as well as

• Creating of a pension information platform that will allow the interested parties to check (and compare) at any time their pension expectations from all pillars that have been included. It is noted that, as of 1/1/2025, the supervision of Occupational Insurance Funds is exercised by the Bank of Greece, which, through its representatives, declares that it will support the efforts of the OIFs administrations to cope with the challenges they face, while pointing out the need for the existing legislation to be supplemented by certain provisions that will offer OIFs the capacity to introduce new pension benefit programs, without individual supervisory approvals and with greater flexibility.

According to the President of the Hellenic Union of Institutions for Occupational Retirement Provisions, Mr. Christos Nounis, the returns of the Occupational Insurance Funds are satisfactory at 4%-5%. He points out that for the development of Occupational Insurance Funds, a national strategy is necessary, including a reduction in social security contributions, mandatory registration in the 2nd Pillar, support with incentives and a reduction in operating costs through tax exemptions, as well as the establishment of tax incentives. Indicatively, one of the mandatory insurance funds which is recording a positive trend, the Occupational Insurance Fund for Pharmaceutical Employees, has reduced the waiting time for the payment of a supplementary pension from nine to six months. In the investment field, the return on the Fund's portfolio is at 6,57%, with a prospect of reaching even 7% by the end of the year. Thus, the Occupational Insurance Fund for Pharmaceutical Employees has managed to dispose assets at the level of 440 million Euros.

The highest pension paid by the Fund amounts to 295 Euros per

month, while it is estimated that approximately 200 insured persons have already submitted a retirement application.

The course of the Hellenic Auxiliary Pensions Defined Contributions Fund (TEKA) and the Single Social Security Entity (EFKA)

Although newly established –it has only been in operation for 2,5 years–TEKA, the first public capitalized auxiliary fund, has already enrolled 546.000 insured persons, corresponding to 204.000 employers, while the savings-contributions of the insured persons amount to 210 million Euros.

Similarly, the reserves of EFKA have also been multiplied, recording significant returns through professional management. In 2024, the amounts mounted to more than 2-2,5 billion Euros, from 1 billion Euros in previous years. The goal of the Fund is to create an expanded framework, with greater flexibility, in cooperation with other Funds and the Ministry of Finance, in order to ensure higher profits in the future.

What is the situation in other European countries

In Belgium, sectoral pension plans benefit from the exemption of the 4,4% premium tax on contributions.

In Germany, employers who pay contributions of at least 240 Euros per year on behalf of a low-income employee to an occupational pension scheme, receive a tax deduction of 30% of the contribution, with a maximum contribution limit of 960 Euros.

In Spain, employers can deduct from corporate income tax 10% of their contributions to an occupational pension scheme for employees with annual gross earnings of less than 27.000 Euros.

The strong International Footprint of the Hellenic Association of Insurance Companies

The Hellenic Association of Insurance Companies (HAIC) is participating in a significant international intergovernmental initiative, with the aim of sustainable development, facilitation of regional economic and social development programs, as well as the management of risks arising from natural disasters.

The intergovernmental initiative, known as the Regional Cooperation Council (RCC), promotes inclusive collaboration, ensuring the participation of all relevant stakeholders and more specifically RCC participants from Southeast Europe (SEE), members of the international community and donors.

The RCC recently organized an event under the title “Regional Cooperation in Disaster Financial Risk Sharing”, as part of the UNECE 2025 Regional Forum on Sustainable Development, in which the HAIC actively participated.

In particular, Ms. Elina Papaspyropoulou, as the representative of HAIC, outlined the current state of affairs in Greece and the measures undertaken by the government in order to enhance insurance coverage for natural disasters affecting households and businesses. In her remarks, she stated:

“In Greece, we are exposed to earthquakes, floods, and wildfires –yet only 18% of residences are insured. Recognizing the crucial nature of the issue, the State has taken steps to incentivize home insurance against natural disasters and has introduced mandatory insurance for businesses with a turnover exceeding 500.000 Euros (for the same risks). However, we are still far from having a structured system for the prevention, management, and compensation of catastrophic events”.

The event, which was organized

with the support of RCC members: Greece, Romania and Turkey, brought together policymakers, representatives of the financial sector and disaster risk management experts. The aim was to address the urgent need for more resilient insurance mechanisms and financial risk-sharing structures in Southeast Europe, in line with the SEE2030 Strategy.

Α. The Regional Cooperation Council (RCC)

The Regional Cooperation Council (RCC) provides for inclusive co-

operation, ensuring the participation of all stakeholders, in particular RCC participants from South-Eastern Europe (SEE), members of the international community and donors.

Operating under the political framework set by the South-East European Cooperation Process (SEECP), the RCC works to cultivate a climate of political dialogue, reconciliation, tolerance, and cooperation, with the ultimate goal of facilitating regional economic and social development initiatives.

Within the general policies set by

the South East European Cooperation Process (SEECP), the RCC works in order to develop and establish a political climate of dialogue, reconciliation, tolerance and cooperation, with the aim of facilitating the implementation of regional economic and social development programs.

The RCC promotes prosperity and growth through regional actions in SEE, while also supporting European and Euro-Atlantic integration.

The Regional Cooperation Council (RCC) was officially established

during the meeting of the Ministers of Foreign Affairs of the South-East European Cooperation Process (SEECP), in Sofia, on 27 February 2008, under the auspices of which it continues to operate.

The RCC has developed close cooperation with all governments in the region, as well as with relevant regional cooperation mechanisms. Its work is guided by its Statute, as well as by three-year strategies and work programs, which meet the needs of SEE in the areas of economic and social development, energy and infrastructure, justice and home affairs, security cooperation, and institutional and human capacity development.

Today, the RCC agenda focuses on targeted interventions, oriented towards tangible results. The RCC works for the promotion of prosperity in SEE, supporting policies for sustainable and equitable economic growth, strengthening regional economic integration, green and digital transformation, while at the same time seeking to reduce poverty and bridge social, economic and environmental inequalities within the European Union.

At the same time, the main driving force of the RCC remains the creation of a prosperity climate, through the development of an innovation hub, the empowerment of women, the environment protection and the strengthening of young people with strong resources and international competitiveness.

Β. The UNECE Regional Forum for Sustainable Development 1. Regional Forum for Sustainable Development

The Regional Forum on Sustainable Development was held for the first time by the Economic Commission for Europe during its 67th session in April 2017, with the aim

of establishing “a regional mechanism in order to monitor and review the implementation of the practices set out in the 2030 Agenda for Sustainable Development” [E/ ECE/1480, decision B (67)] through:

• The creation of a space for a productive dialogue among UNECE Member States, focusing on the exchange of knowledge and policies in the context of the implementation of the Sustainable Development Goals

• The provision of a regional progress overview, as far as the implementation of practices and challenges is concerned, complementary to the global reports.

• Strengthening regional and subregional cooperation, as well as addressing transboundary issues, and

• The creation of a “platform”, for the participation of all stakeholders, including international and regional organizations, society, the academic and the private sector.

The mandate for the convening of the Regional Forum was extended by the 69th session of the Economic Commission for Europe (ECE) until 2023 [E/2021/37-E/ECE/1494, decision C (69)] and was further extended at the 70th session of the Economic Commission for Europe (ECE) [E/2023/37-E/ECE/1503, decision D (70)].

The Regional Forum is aligned with the 2025 High-level Political Forum on Sustainable Development (HLPF) and examined Sustainable Development Goals (SDGs) 3 (Good Health and Well-being), 5 (Gender Equality), 8 (Decent Work and Economic Growth), 14 (Life Below Water) and 17 (Partnerships for Sustainable Development).

The event included:

High-level policies, focusing on inclusive and evidence-based solutions, with a scientific basis.

Roundtables for the exchange of experiences and good practices among peers, on the SDGs under consideration.

Plenary session: “Towards an Inclusive, Prosperous and Sustainable Future”.

Every year, the Regional Forum on Sustainable Development (RFSD) is the official contribution of the region to the High-Level Political Forum on Sustainable Development, the main UN platform for global monitoring of the 2030 Agenda progress. The RFSD 2025 report will record progress, challenges and policy recommendations at a regional level, contributing to the overall review of progress on the SDGs worldwide by the HLPF.

2.Associates / Partners

A number of partner organizations and other stakeholders participate and contribute to the Regional Forum sessions:

• UN regional bodies, organized under the Regional Cooperation Platform for Europe and Central Asia, are key partners in the organization of the Regional Forum, co-facilitating and contributing to various sessions.

• Representatives of civil society, notably

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The RCC has developed close cooperation with all governments in the region, as well as with relevant regional cooperation mechanisms. Its work is guided by its Statute, as well as by three-year strategies and work programs, which meet the needs of SEE in the areas of economic and social development, energy and infrastructure, justice and home affairs, security cooperation, and institutional and human capacity development

through the Regional Mechanism for Citizen Participation.

• Youth groups, notably through the European Youth Forum.

• Members of the parliament, in collaboration with the Inter-Parliamentary Union (IPU).

• Private sector representatives, notably through partnerships with the UN Global Compact, the International Chamber of Commerce (ICC) and the World Business Council for Sustainable Development (WBCSD).

• Representatives of local governments and mayors, in close collaboration with the UNECE Forum of Mayors.

• Members of the Academic Community, the

European Academies Council (EASAC) and the Inter-Academy Partnership (IAP) included.

• Other international and regional organizations.

3.The Procedure

The report of each Regional Forum constitutes the official contribution of each region to the High-Level Political Forum on Sustainable Development, the central UN platform for monitoring and evaluating the implementation of the 2030 Agenda for Sustainable Development at the global level.

Each of the five UN Regional Economic Commissions convenes Regional Forums

annually in its respective region, in order to exchange experiences and discuss specific solutions for achieving the Sustainable Development Goals.

C. Participation of the HAIC at the Regional Cooperation in Disaster Financial Risk Sharing

The Regional Cooperation Council (RCC) organized an event on: “Regional Cooperation in Disaster Financial Risk Sharing”, in the context of the UNECE 2025 Regional Forum on Sustainable Development, in which the Hellenic Association of Insurance Companies (HAIC) participated.

Snapshot from the works

114 INSURANCE RE MEETING HYDRA

By GEORGE MOUZOS

As technology reshapes the paths, insurers are being called to redefine their role. From electrification to full autonomy, the future is not driven, it is planned!

The automotive industry is undergoing its biggest technological transformation since the invention of the internal combustion engine. Electric and autonomous vehicles are abolishing anything old, demanding new answers to old questions: who is responsible, who pays, and how the risk can be priced, in an environment where the algorithm “takes the wheel”?

Redefining the risk

The insurance industry was historically based on statistical data, derived from the driving behavior of each driver. However, a vehicle controlled by artificial intelligence and operating with cutting-edge technology cannot follow the same rules. According to a research by Swiss Re, autonomous vehicles reduce the frequency of accidents by 40%, but the average cost of damage per incident increases by 60%, due to high cost of parts and specialized repairs.

Lithium-ion battery ignitions, sensor failures, and cyber-attacks on connected

Risks, Regulations and Pricing for electric and autonomous vehicles

vehicles, are just some of the new risks being added to the underwriter’s agenda. Today, as senior insurance executives say, “the risk is no longer the driver’s poor judgment, but the code error or the delay in a firmware update”.

Legislation lags behind technology

Despite the speed of technological developments, the regulatory framework is still fragmented. The European Union has put into effect regulations, such as the General Safety Regulation 2019/2144, however legal liability for an accident involving an autonomous vehicle remains a grey area. Who will be liable in the event of an accident? The owner, the manufacturer, the developer or the software provider? MunichRe has already started creating special contracts with OEMs in order to cover such incidents, while in Great Britain, the AEVA Act precisely defines the obligations of insurers and allows legal action against manufacturers.

The answer will most probably be given through conventional three-party insurance schemes, where the software provider may also participate.

A Pricing Overturn: From the driver to the vehicle

This technological revolution in the automotive industry requires a different approach to pricing. Traditional models that

were based on the age, gender and history of the customer are giving way to real-time data taken from sensors, GPS and telematics.

It seems that when it comes to electric as well as autonomous vehicles, driving behavior as a predictive indicator, is receding. Instead, software and manufacturing quality are expected to play a leading role in risk assessment. Who is the battery manufacturer? How often is the vehicle software updated? Perhaps these will become the new “insurance premiums.”

The Role of Reinsurance: From hedging to systemic risk management

Autonomous vehicles are expected to introduce a new type of risk: the systemic one. If a software update contains a bug, thousands of vehicles in a city or country's fleet could be affected at the same time. There have been several cases of manufacturers recalling a number of vehicles, due to faults in advanced driver assistance systems.

Reinsurers are now focusing on the accumulation of risks at the software level, as well as on the creation of new categories of coverage, such as:

• Insurance for AV software failure.

• Insurance for databreache in connected vehicles.

• Legal expenses coverage for lawsuits due to AI malfunctions.

What about Greece? Slow initiation, but intense interest

The Greek Market, although at an early stage, shows a growing interest. Today, all insurance companies are closely monitoring the developments and integrating telematics into their applications, with one eye on issues of autonomous vehicle insurance.

Electric cars are ever-expanding their market share, with total sales in 2024 reaching 8.707 entirely electric vehicles. It is therefore understandable, that this continuous growth puts pressure on insurance companies to diversify their approach and include new coverages for batteries, roadside assistance in case of software failure and much more!

Technology is changing insurance data

In a world where vehicles are self-driven and risk is embedded in software developed thousands of kilometers away, insurance cannot sit idly by. Industry professionals are called upon to leave behind the role of the “valuator” and become strategic partners in designing the mobility ecosystem of the future.

This transition requires expertise, technological proficiency and regulatory vigilance. Those who will manage to adapt first, will be the ones to lead the market in the “post-driving” era.

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A historical flashback of private insurance in Greece

In the Album “Collectible Insurance Contracts”, by the publisher and author Mr. Evangelos Spyrou

The history of a whole century is reflected in the Album «Collectible Insurance Contracts», of the publisher and author Mr. Evangelos Spyrou. The Album, product of the collaboration between Spyrou Editions and Miletos Publications, includes dozens of insurance policies, issued from 1860 to 1960, with an artistic, historical and insurance value, from the private collection of Mr. Evangelos Spyrou.

Further flipping through the book, you will retrace the Insurance and Financial History of Greece for over a century, through contracts which

«narrate» the personal, family and professional stories of people, who felt the need for private insurance.

The collection of Mr. Evangelos Spyrou preserves precious heirlooms, which reflect the history of an entire era. All these salvaged insurance policies –a very small sample we present to you in this special edition–constitute a very important heritage with historical and at the same time artistic value, which capture the creative effort to expand the insurance institution in Greece and Europe.

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