An open event titled “Insurance as a Catalyst for Stability and Growth”, organized by the Hellenic Association of Insurance Companies (HAIIC), took place on Friday, 6 March, at the Grand Britain Hotel in Athens. The discussion centered on the evolving role of private insurance as a key driver of economic stability and growth in Greece—amid mounting geopolitical, fiscal, demographic, and climate-related challenges.
A Foundation of Trust and Daily Resilience
Ms. Eleni Papaspyropoulou, General Director of HAIIC, reflected on the association’s work over the past year and underscored the broader contribution of the insurance sector during a period of significant transformation for both the Greek economy and society. She emphasized that insurance is not an abstract concept—but a daily function of economic and social life: it is the compensation paid when things go wrong, and the support offered to citizens in difficult times. On this foundation rests trust—the most valuable asset of the insurance industry.
Greece Lags Behind Europe—A Call for Collective Action
Alexandros Sarri-Georgiou, President of HAIIC and Vice-President of Insurance Europe, highlighted how private insurance supports economic resilience and helps manage critical societal issues—including pensions, healthcare, and natural disaster response. He noted: “On all the topics I’ve mentioned today—natural disasters, health, and pension savings—Greece ranks at just one-quarter of the European Union average. Risks are real, yet we remain largely uninsured. To put it more precisely: we are ‘self-insured’—which, in practice, means underinsured. This is not a partisan issue. It is a cross-party, national conversation about our country’s future and long-term sustainability—regardless of political ideology. As a society, we must reach consensus—and act now.”
Government Prioritizes Risk Management and Complementary Systems
Kostis Chatzidakis, Deputy Prime Minister of Greece, stressed the strategic importance of private insurance for macroeconomic stability and growth. He stated: “Greece is better prepared today to face risks and uncertainty. Our strongest defense against global challenges is a stable economy and continued reform. Progress has already been made in the private insurance sector—but significant potential remains for further development, to the benefit of both society and the economy. Our goal is a modern risk management system where public and private insurance operate hand-in-hand, complementing each other.”
High-Level Dialogue on Investment, Resilience, and Protection Gaps
The event featured a panel discussion with Yannis Stournaras, Governor of the Bank of Greece; Frédéric de Courtois, President of Insurance Europe; and Alexandros Sarri-Georgiou. Their exchange focused on insurance’s role in fostering investment and long-term savings, managing natural disasters, and addressing protection gaps across key sectors.