Myrto hampaki creek_crisissceneinvestigation
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Myrto hampaki creek_crisissceneinvestigation

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  • 1. Myrto HambakiHead of Financial Affairs & Life BranchHellenic Association of Insurance Companies
  • 2. Crisis Scene Investigation
  • 3. The DNA of the Greek economy Continuous deficits Continuous deficits Rising of public debt Rising of public debtNo expenditure No expenditure Tax evasion and no Tax evasion and nocontrol measures control measures measures to contain itit measures to contain Entering the EMU without Entering the EMU without adequate preparation adequate preparation Continuous decrease Continuous decrease of competitiveness of competitiveness
  • 4. Consumer behavior investigation Unemployment will keep The income rising and by the end of 2012 available for will reach 30 % spending is unpredictable Many families live absolutely on their savings Consumer Per capita income Confidence for the country was extremely 19,400 Euros and it low keeps decreasing Consumer behavior within 2012 is becoming unpredictableSpending pattern Drasticalof consumer decrease inincome has purchasingchanged power
  • 5. Company status assessmentReal estate valuesIncrease incancellations andsurrenders.Increase in claimsIncrease in insurancefraudChanges indistribution Assets Liability mismatches Threats and emergingchannels and liquidity management risksenvironment (internet)Pricing adjustments Continuous changes in Inability for long term legislation planningNeeds for capitalinjections Increased bureaucracy Solvency II ahead....
  • 6. Following the leadsOpportunitiesCover the systemic gaps – In Social Security (health &pensions)Cover real needs with realistic pricingEnhance consumer trust Remember that "risk" is the essence of insurance (risk management, diversification, forecasting)
  • 7. Putting together the pieces of evidenceRealize, accept and adaptRedefine leadershipReastablish mission and goalsReinvent the visionRethink the communication with the customersRedefine products and their value propositionRecreate comparative advantagesRestructure the companyRebuilt alliancesRecapitalize
  • 8. Case under development IIS IIS R S S || C R SS C RO SS C RO S OT C OS S DO NN OT E || D O CR OS CR CEN E S CENIIS IIS S S S
  • 9. Thank you Myrto Hambaki Contact Details Tel. : +30 210 3334 123 Mob. : +30 697 2774 080 Email : hambaki@eaee.gr Web : www.Greekconomics.gr