Insurance companies: Adjustments to health contracts – Reduced increases by 50%

Around 50% of the increase in the IOBE health index was eventually adjusted their increases in life-long health contracts from 2025. Following the reactions caused and government intervention by setting a ceiling on the average annual increase in health insurance premiums of each insurance company’s programmes, the prices of lifelong health contracts were adjusted between 6.9% and 7.5% by several insurance companies, instead of 15% provided for by the IOBE health index, according to their recent communications. CORVERSE For example, NN Hellas has decided not to exceed 7% on average the increase in health insurance premiums prices, while Generali has advanced to an annual total increase of 6.9% on average. The average of 50% of the relevant IOBE index will be the average of the adjustment of the insurance premiums of Syndea’s, Interamerican and Eurolife FFH’s portfolio, implying 7.5% increases. Accordingly, National Insurance adjusted the increases, setting the average increase for 2025 in the 7% area. It is noted that on Friday (10.01.2025) the Minister of Development Takis Theodorikos mentioned the abolition of the IOBE health index from 2026 for the pricing of lifelong health insurance contracts and the introduction of a new indicator by ELSTAT with objective and scientific data. The new indicator will apply from 1.1.2026 and will be accompanied by additional arrangements for transparency and consumer information. CORVERSE The reduced price will apply to those who have already paid the premiums with an increase of 14.6%. They will be informed by insurance companies about how they will get their money back, i.e. whether there will be a refund or whether they will pass to the next installment. “There are no acceptable increases of 14.6%, we call on insurance companies to fully adapt to it,” was the clear message given by Mr.Theodorikos saying sideways that the ministry does not hesitate to impose up to a ceiling on contracts. Communications from insurance companies The announcement of NN Hellas “In NN Hellas with a feeling of responsibility to our insured persons, we decided to proceed with a premium adjustment of lifelong health programmes, which on average will not exceed 7% for the period from 1/1/2025 to 31/12/2025. We undertake to cover the burden resulting from the adjustment restriction, which is less than the actual cost increase, as correctly reflected by the IOBE index, acting within the solvency framework of insurance undertakings. We expect immediate measures to be implemented that will lead to cost rationalisation and improvement of health services and we work closely with all relevant bodies for this. We are convinced that long-term measures will be put in place to deal with the issue in the interests of the insured. In NN Hellas we believe in the importance of transparency, fair management and taking measures that will benefit our insured persons and we remain committed to the continuous improvement of our services and the best possible service. Following this announcement, we will proceed with detailed information to our customers.” Syndea’s Communication “The issue of increases is a direct consequence of the increase in health costs, as they are invoiced by hospitals to insurance companies. These costs include developing new innovative therapeutic methods, integrating modern, medical technologies, and increasing the frequency and severity of health incidents. Our Company recognizes and respects the validity of the IOBE index, which objectively reflects the economic impact on the industry. She tries in every way to absorb a significant part of these increases, reducing the impact on her insured.” Allianz’s announcement “Allianz, loyal to its commitment to transparency and open communication and following the important issue of increases in long-term health contracts, informs that for this year she decided to absorb 50% of the Single Health Index of IOBE, limiting the average increase in life-long health contracts by midpoints to 7%. This is an initiative that highlights the company’s ability to respond directly and effectively to the concerns and needs of its insured persons, reflecting its commitment to balance affordable pricing with the quality of its services. We recognise that reliable and objective recording of economic trends affecting the costs of private health services, with an indicator such as IOBE, including the increasing frequency of health incidents and increased average hospital costs, which is also due to the implementation of higher costs of innovative technologies. We will participate in the dialogue with the relevant bodies, with a view to establishing a fair, transparent and sustainable private healthcare system that ensures affordable and quality services. In this context, we trust that the State will take an active role in addressing the causes that lead to the increase in the costs of private health services while ensuring the capital adequacy of the insurance sector in accordance with the current regulatory framework. We are committed to continuing to provide services that inspire trust and stand next to our insured, with their health and well-being remaining our main priorities. On this issue, information will be followed to our insured persons.” The Interamerican Communication “Interamerican, remaining faithful to its commitment to provide high-quality insurance services and fully understanding the challenges faced by its insured persons, proceeds to the necessary adaptation of health insurance. For 2025, the company decided to adjust the average of the portfolio premiums of long-term health programmes to 50% of the IOBE health index while ensuring that the maximum rate of increase per customer would be one digit. At the same time, the company, using its own modern health infrastructure and expertise, continues to control costs and adapt its systems in order to ensure the effectiveness and quality of the services it provides. The aim is to adapt insurance premiums to be as reasonable as possible for all insured persons, taking into account their particular needs and absorbing part of the burden. At the same time, it is constantly moving on to improvements and innovations that will contribute to the continuous strengthening of its customers’ experience. Interamerican will continue to cooperate harmoniously with all relevant bodies to ensure consumer protection, to maintain the Group’s capital adequacy, as well as to enhance competitiveness in the health sector, offering solutions that are accessible to all. Serving consistently her mission to support people to live safer, more and better. Finally, it is noted that a detailed briefing will be followed to Interamerican’s customers on the subject.” Eurolife FFH Communication “The company, with a sense of responsibility towards everyone, maintaining the consistency of its pricing policy throughout the years and also showing a real sensitivity to the overall situation of its family and personal finances, decided for 2025 to form the average of the adjustment of the life-saving health insurance portfolios to 50% of the IOBE health index, while ensuring that the maximum rate of increase per customer would be one digit. Eurolife FFH is sure that, after the public debate, the State will ensure that all aspects of the problem are examined, which results mainly from the formulation of the costs of health services in the private sector, as is rightly reflected by the IOBE health index, and will take the necessary regulatory and legislative measures for a direct and fair solution. The burden resulting from the reduction of the premium adjustment will be absorbed by the company, with full respect for the European Solvency Regulations provided for. A detailed briefing of the company’s clients on the issue will follow.” The announcement of the National Insurance “National Insurance, continuing the attitude of responsibility that has followed for 134 years, displays immediate reflexes in the state’s announcements and adjusts the increases in life-long health contracts, determining the average increase for 2025 in the 7% region. Recognizing the complexity of the issue of health services and the extension of health insurance premiums, the National Insurance Company emphasises the company’s commitment to ensuring the benefit of the insured and supports the effort to clean up the entire health and insurance sector, creating viable solutions to cost control and to improve health services. “In the interests of the insured person, we have always decided to review the increases that we had originally planned, based on an increase in the morbidity and cost of health services as a whole, as shown in the IOBE EIM index. We will absorb the short-term burden that this decision will place on our results, in order to support the effort to find a sustainable solution, which will ensure consumer protection, to maintain the capital adequacy of insurance companies, as well as to control the cost and quality of health services, for the benefit of Greek society.” The Generali Communication “Generali, as an organisation that honors over time the trust of its clients, fully recognises the concerns of its insured persons regarding recent increases in health insurance premiums, which are intensified by the ongoing discussions. We therefore want to continue to communicate with transparency and empathy the reasons for these increases, as well as the actions we have taken to protect our insured people. We understand that increases are a management challenge for family planning of our insured. We note, however, that this is not an arbitrary decision but a direct consequence of the increase in health costs, as these are invoiced by hospitals to insurance companies. These costs include the development of new innovative therapeutic methods, the integration of modern medical technologies, as well as an increase in the frequency and severity of health incidents. Our Company acknowledges the validity of the IOBE index, which objectively reflects the economic impact on the health sector. At the same time, the Generali Administration has repeatedly raised the issue of the cost of nursing services publicly, calling for the cooperation of all stakeholders, with a view to creating a more sustainable and fair system. It is also worth pointing out that we have made every effort to absorb a significant part of these increases, reducing the impact on our insured and despite external pressures, we remain committed to maintaining high quality health services and supporting our customers. In this context, we proceed to an annual total increase of 6.9% on average in our life insurance contracts, with effect from 01.01.2025 and until the end of this year. In Generali, the protection of the health, life and property of our insured persons is our main mission. We stand next to them, honoring their trust, and working tirelessly to offer the best possible solutions, adapted to their needs. We would like to assure our insured people that we continue to closely monitor developments, cooperate with all relevant bodies and seek sustainable solutions that ensure both the stability of insurance programmes and affordable access to health services.”