Five insurance companies “talk” about health

Five insurance companies “talk” about health

Consumers seek reliable companies with clear terms and low cost policies

The health insurance sector is presenting a dynamic development, which according to the official data by Private Insurance Companies Union, the sector has recorded a 17.6% increase during the first half of the year, while the rest of the sectors in the market had a declining trend. According to market executives, health policies will receive even greater appeal, since state health provisions can no longer cover consumer needs, who in turn seek private insurance packages.

The medical insurance class  corresponds to a 4.6% market share of life insurance business while the production only of new-sold policies during the first half of 2013 inclined to €36.9mil, compared to the last year’s corresponding €31.4mil. Specifically, production in the medical class during the month of January reached €5.3mil, in February €5.6mil, in March €6.6mil, in April €6mil, in May €6.5mil and in June €6.8mil.

The elements comprising the profile of the contemporary consumer are: a trend turn to basic coverage, cost effective packages, and clear terms on terms of business. With regards to the policies’ duration, annually renewable policies are gradually gaining momentum, due to their reduced fees and the fact that Greeks have diminished incomes. These are the characteristics that new medical insurance products should be based upon. According to Mr. K. Kougioumtzis, Director of the Life sector at National Insurance Company, the companies should take into account when designing their packages that consumers have reduced financial ability to deposit fees, as well as their interest in an basic, immediate, unhindered, decent and quality health service.

Therefore, as Ms. A. Vasiliagkou, Director of the Health Sector for Interasco, mentions, there is a tendency for “insured parties to select annually renewable contracts and at times to do cancel older policies, in order to prefer new, annually renewable ones”. “The essence and quality of benefits remains the same, either it is for annual contracts or for more years. In reality, the insured party is deciding in relation to the company which it will entrust” points out Mr. V. Liberis, Director of Personal Accidents & Health Sector at MetLife Alico.

The class presents positive results, and all factors indicate that this development will continue. “We estimate that the production of medical insurance cover will increase by time, since more and more insured parties will seek solutions besides the state health system” declared Ms. E. Manou, Technical Director of Individual Life Packages at Generali. Additionally, Mr. G. Veliotis, General Director of Life and Health at Interamerican Group, points out that the singular regime on the health sector during the past 20 years has not allowed for the sector’s development. “Reforming the health sector and its insurances, on appropriate basis, will create the suitable framework for the better division of burdens between the state and private sector.

Consequently, the private medical insurance class will be developed and social insurance will be relieved from an unbearable burden, thus benefiting the citizens”.

Click here for the Greek article.

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