“From the very first moment I assumed the role of Minister of Development, I identified the issue with insurance services, which is why we held a series of meetings with all stakeholders and reached a proposal,” emphasized Minister of Development Takis Theodorikakos during his interview with the “SKAI 100.3” radio station.

“The IOBE (Foundation for Economic and Industrial Research) index has been used all these past years to determine the premium increases for lifetime insurance policies. Back in 2011, there were 711,000 such policies, but by 2019, that number had dropped to 320,000 and is now just 255,000. These increases have been happening for years, and it hasn’t only been the New Democracy party in government during this period; PASOK and SYRIZA have also governed. And let’s not forget that we’re talking about the private market here,” he noted.

Mr. Theodorikakos mentioned that ELSTAT (Hellenic Statistical Authority), which will replace IOBE, “will need to collaborate with the Bank of Greece, three related Ministries, and consumer organizations. This is not an intervention to protect only consumers but also to safeguard insurance integrity, which is why balance is essential.”

“The second part of our legislation, in collaboration with the Ministry of Health, will focus on transparency in pricing. Everything will be clear and straightforward so that every citizen can make informed choices,” the Minister added. He continued by saying, “The issue is complex and multifaceted, and achieving the best outcome requires everyone’s cooperation. We aim to resolve this matter comprehensively, in a fair and balanced way for all.”

Finally, regarding this year, the Minister of Development stressed that “insurance companies must heed the government’s call. They cannot implement premium increases of 15%, as policyholders cannot bear it. At the same time, this must not jeopardize their capital adequacy.”

On whether there is a cartel among private clinics, the Minister said that the independent Competition Commission has been asked to expedite its procedures and investigations, which it is handling very effectively.

On the Victory in the Turkaegean Case

Regarding the victory in the Turkaegean case, Mr. Theodorikakos highlighted that “it is of great significance for the national interest. The Greek positions were vindicated. This has been an ongoing effort from 2023 to the present day. This government, in its entirety, defends the interests of our homeland. I believe the decision is robust, and whatever we need to do on a legal level, we will continue to do. We are not complacent because the issue carries national implications. We remain vigilant and will fulfill our duty.”