Given that the compensations for losses that occurred within 2021 in the contracts issued in 2021 are estimated at €110 million, while a large part of the contracts were still in force on December 31, the compensations that will ultimately be paid by the Greek insurance market for these contracts, will be significantly higher, as emerged from the survey carried out by the Association of Insurance Companies of Greece (EAEE) for Property Insurance, year 2021, which will be updated next year.
More specifically, 1.3 million Property Insurance policies were issued in 2021, the vast majority of which (1 million or 82.7%) were for residences. For these contracts, 15,802 claims were declared within 2021, €34.7 million in claims were paid and a reserve of outstanding claims of €75.8 million was formed.
Commenting on the results of the study, Mr. E. Moatsos, President of the EAEE Property Committee, said: “From the Union’s research, which includes many interesting facts and analyses, it emerges the significant contribution of private insurance to the protection of private property and businesses. It is worth noting that the first estimate of €110 million in damages only concerns the damages that occurred in 2021 and is expected to increase when all the contracts will have expired.”
See the full EAEE survey here
Source: Capital
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