The insurance market faces significant challenges, according to the governor of the Bank of Greece, Giannis Stournaras.
Speaking at the meeting of the Groupama Assurance Mutuelles Management Team, Acropolis Museum, Stournaras said that adapting to new regulatory requirements, exploiting the opportunities offered by digital transformation and effective risk management are key prerequisites for the sustainable growth of the insurance sector.
“Insurance companies that successfully respond to these challenges will have the opportunity to lead the market, offering reliable and meaningful solutions for the Greek economy and society. In this direction, the Bank of Greece will continue to work consistently to ensure that both supervised entities and consumers feel – and above all are – safe,” he stressed.
Referring to the importance of private insurance, the BoE governor stressed that insurance companies underwrite, on behalf of policyholders, a wide range of risks, while injecting into the financial system the funds they raise through premiums. In this way, they act as important institutional investors, making a substantial contribution to boosting economic activity. These dysfunctions highlight the Greek insurance market as a strategic pillar of economic growth.
Finally, focusing on the long-term priorities of the Bank of Greece, Stournaras noted that they relate to ensuring high professional standards, strengthening effective governance and effectively addressing the challenges arising from climate change. In this context, by 2026, the insurance market is in a position to play a leading role in the Greek economy, responding effectively to both existing and emerging risks.
The Bank of Greece will continue to actively support any initiative that promotes the development of the insurance market for the benefit of the economy and society as a whole, while remaining firmly committed to safeguarding the public interest.
