10 INSURANCE RE MEETING HYDRA
ANNIVERSARY
Continued from page 8
τρίτο. Παρότι η ανάγκη αυτή είναι ευρέως αναγνωρισμένη, στην
Ελλάδα εξακολουθεί να υπάρ-
χει σημαντική υστέρηση. Η σύ-
γκριση με άλλες ευρωπαϊκές
χώρες είναι ενδεικτική. Σύμ-
φωνα με μελέτη του ΟΟΣΑ, οι
σωρευμένες επενδύσεις των
κεφαλαιοποιητικών συνταξιοδοτικών σχημάτων στην Ελλάδα αντιστοιχούν περίπου στο 1%
του ΑΕΠ. Αντίστοιχα, στην Ιρλανδία το ποσοστό φτάνει το 26,2% και στην Πορτογαλία το 12,9%, ενώ σε χώρες όπως η Δανία ξεπερνά
The Insurance Industry has to evolve and adapt to the new needs of the society
Continued from page 9
in Greece remains large, both for households and businesses.
In recent years, the State has taken positive steps. The ENFIA (property tax) discount for homeowners who insure their properties against natural disasters is an important initiative. Similarly, the introduction of mandatory insurance for businesses against earthquakes, wildfires, and floods.
As a market, we support these initiatives; however, it is clear that additional strengthening is necessary.
For businesses, the effectiveness of mandatory insurance will be judged in practice, through meaningful inspections and cross-checks. Controls must be carried out to assess the level of compliance with this measure.
For households, the ENFIA discount has had an impact, but at a slow pace. Insurance penetration remains particularly low relative to the actual level of risk, so policies are required that will quickly and effectively increase insurance coverage rates.
Due to the increase in the population aged over 65 in the European Union, what challenges arise for pension systems and
what policies can ensure their long-term sustainability?
The increase in life expectancy is one of the most significant achievements of medical and scientific progress. Today, people can live longer, with the key objective now being that these additional years are accompanied by good quality of life and health.
In the EU, more than 20% of the population is already aged 65 and over. This percentage has increased by 2.9 percentage points over the past decade and, according to official Eurostat projections, is expected to reach 33% by 2100.
This development places significant pressure on pension systems. Traditional pay-as-you-go models are no longer sufficient on their own to ensure an adequate standard of living for future retirees.
In this context, the role of funded schemes becomes particularly important. In practice, strengthening the retirement income of future pensioners inevitably involves the second and third pillars. Insurance companies are actively involved in both: through occupational pension schemes in the second pillar and individual pension products in the third.
Although this need is widely recognized,
Greece still lags significantly behind. The comparison with other European countries is indicative. According to an OECD study, accumulated investments in funded pension schemes in Greece amount to about 1% of GDP. By contrast, in Ireland the figure reaches 26.2%, in Portugal 12.9%, while in countries such as Denmark it exceeds 200%.
This gap does not merely reflect a numerical difference. It reflects different approaches in terms of mindset, policy priorities, and institutional design. We must examine what other countries are doing and draw lessons from them.
International experience has shown that a meaningful development of these supplementary pillars depends on a stable and favorable framework, with incentives that encourage saving. Without these, progress remains limited.
At the same time, fostering a culture of retirement planning from an early age is essential. Therefore, a strategy is needed that combines education and awareness with incentives. In this way, Greece will be able to develop the second and third pillars and ensure adequate and sustainable pensions for the future.