Hydra Meeting: Regulatory and tech challenges debated by the Greek insurance market

22 September 2016 — Mihai CRACEA
poza_hydra_2016The 18th Annual Conference of insurers and brokers in Greece, organized by the Hellenic Association of Insurance Companies has kicked off today on the island of Hydra, gathering professionals from the local and international insurance marketa, as well as specialists from other related industries.

poza_hydra_2016_1_mic"Technology is causing changes in coverages, in what the consumers are looking for. All the experience insurers have accumulated over centuries of activity has become almost useless in some aspects. I am exaggerating a bit, but the shift in paradigm is very real. One example are driverless cars, who are thought to produce drops of 70% in motor premiums. How the industry will react to that is unknown but certainly would change the landscape", said Alexander SARRIGEORGIOU, Chairman of the Hellenic Association of Insurance Companies in the opening remarks.

poza_hydra_2016_2A survey conducted among industry executives showed that the main challenges Greek insurers must face are a combination between negative global trends (pressure on the return of investments and profitability challenges), as well as the current status of the Greek economy. Another challenge is represented by the operation complexity of Solvency II.

Among the other speakers present at the event there were Joachim MICHAELY, Senior Motor Consultant, Munich Re, Gerry RAFTOPOULOS, Chief Executive Officer, MedNet International, Heracles DASKALOPOULOS, Deputy General Manager, ETHNIKI Insurance, Butch BACANI, Programme Leader, The UNEP FI Principles for Sustainable Insurance Initiative, Pavel HUERTA-URIBE, Expert Property EMEA Business Generation & Director, Property & Specialty Underwriting, SWISS Re and Miltiadis NEKTARIOS, Professor of Insurance, University of Piraeus.

XPRIMM supports the event as Media Partner.

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