“This is the reason why we proceeded to a very important reform in the first pillar of insurance, with the gradual conversion of auxiliary insurance from distributive to capitalized,” said the Deputy Minister of Labor.
“Man, both individually and collectively, must prepare his defense against the consequences of the occurrence of dangers. This is the essence of insurance, this is the reason why the insurance industry plays such an important social role over time. “
This was stated, inter alia, by the Deputy Minister of Labor and Social Affairs, Panos Tsakloglou, Welcoming the “15th Insurance Conference”, the work of which began this morning, with the general title “A new era for the insurance market”.
Mr. Tsakloglou pointed out the need “for vigilance, innovation, continuous adaptation and renewal of the insurance industry to the needs and requirements of the times”, noting at the same time that social security must adapt to new emerging risks, such as rapid demographic aging.
As the Undersecretary underlined, “most Western European societies facing similar problems have sought solutions to this problem for the last 20-30 years and for all the fundamental point of the solution was to increase pension savings through capital insurance, which not only mitigates the consequences of the demographic problem, but at the same time makes the insurance system a lever for economic growth. This is the reason why we proceeded with a very important reform in the first pillar of insurance, with the gradual transformation of auxiliary insurance from distributive to capitalizing. In this context, the second and third pillars of the system are essential additions to the first pillar, as long as they contribute to the increase of insurance savings “.
The prospects of the insurance industry are auspicious
At the same time, Mr. Tsakloglou added that the development prospects of the insurance industry today are particularly auspicious for many different reasons. Among them, he said, are the gradual increase of citizens’ disposable income, the strong development policy implemented, the digitization and the modernization of society.
“The operation, work and activity of natural and legal persons of this country in an environment of increased security and stability is one of the key priorities in the reform program of the State and there the insurance industry is called to play an essential and socially critical role either as a complement to social security or as a guide in the loss industry, “he commented.
“I want to assure you,” said the Deputy Minister of Labor and Social Affairs, “that the government fully and in various ways supports the development of the insurance industry.” We consider it a critical factor of prosperity of the society and we expect from everyone increased vigilance and responsibility, as befits the special weight and the role that the industry is perspectively called to play “.
