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14th Nicosia Economic Congress: Nature and technology the biggest challenges for…

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 14ο Nicosia Economic Congress: Φyση και τ&epsilon ;χνολογλα οι μεγαλyτερες προκλor&sigma ;εις για την...

The 14th Nicosia Economic Congress was held on April 9 with Pancypriaki Insurance and Hellenic Life as main sponsors

Pancyprian Insurance and Hellenic Life, members of the Hellenic Bank group, at the 14th Nicosia Economic Congress

The major challenges of the economy and the future of Cypriot business were discussed during the 14th Nicosia Economic Congress held on April 9 with main sponsors Pancyprian Insurance and Hellenic Life. The attendees had the opportunity again this year to exchange opinions and analyze trends and perspectives for the Cypriot economy.

During the conference, the CEO of HB Insurance Holding, Christos Patsalidis, underlined that climate change is undoubtedly the biggest challenge we face as a society and as an insurance industry. “As Cyprus, we may not have experienced any natural disaster in recent decades, but phenomena that have occurred in other countries affect us to a very large extent. The fires in Spain, Portugal and Greece, the devastating hail in Italy, the floods in Germany, Greece and Slovenia and also the devastating earthquake in Turkey, all during 2023 had an indirect impact on the Cypriot Insurance industry. The cost of reinsurance against natural catastrophes increased significantly for another year, and obtaining reinsurance coverage against catastrophic risks was particularly difficult. In some countries the increase reached up to 500%. Sooner or later the increased cost will be passed on to the consumer”, he underlined.

As he said, unfortunately the insurance industry cannot control what causes damage either from accidents, or from natural phenomena, or from biological phenomena. “Thus, we focus our attention on correct risk assessment, correct pricing based on the type and size of the risk we insure, and providing a high level of service to our clients,” he explained.

According to him, “as a society and also as a business world, we must listen to what nature tells us about the future of our children and also for the long-term good of our economy. The implementation of the strategies of the European Green Deal is a one-way street”, he emphasized.

Referring to the technological transformation of the insurance companies of the Hellenic Bank group, he pointed out that in the last 2-3 years more projects were implemented than all that were implemented in the two previous decades. “We are improving and changing everything with the aim of faster processing of work and better customer service. Our insurance companies with a total of 30% fewer staff compared to two years ago due to the voluntary exit plan are managing approximately 15% larger portfolio in much better times than at any other time. We may still have a long way to go, but we firmly believe that the right digital transformation, combined with changes in the way we operate and corporate culture can make a huge difference,” he concluded characteristically.

Source: politis.com.cy

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