THESSALONIKI – Despite a 40 percent drop in insurance premiums in the last few years, there are still a million uncovered cars on the roads in Greece, sector analysts said.
With a crushing economic crisis limiting people’s ability to survive, and online companies popping up and offering bargain prices, the cost of insurance has plummeted but not enough to convince Greeks to pay for it and they’re taking their chances they won’t get caught. Many aren’t.
The data was presented by the Chambers of Commerce of Thessaloniki, Athens and Piraeus during a conference on the present and future of private insurance in Greece; business representatives also attended from throughout Greece.
Private insurance companies claim only 2 percent of the insurance sector in Greece, but still the prospects for the future are very good, Professional Chamber of Athens President Ioannis Hatzitheodosiou said, the Athens News Agency reported.
“The so-called public insurance, especially in terms of pensions and health insurance, is unable to cover demand and citizens will gradually turn to private insurance in greater numbers,” he added, especially as those two service sectors are considered of primary importance by Greek citizens.
Contracts for natural disasters, especially extreme weather, have good prospects in Greece, the insurers said. This new product is expected to become more popular, they added, as recent storms in Athens damaged 2,500 homes and stores and 1,200 cars.