Intervention in the health insurance market, after the strong reactions caused by the large increases in premiums, announced the Minister of Development Takis Theodorikakos.

Speaking from the floor of the Parliament, he said that the index currently compiled by the IOBE will be reviewed and replaced by a new ELSTAT index, which will be effective from 1 January 2026. For 2025, the minister stressed that increases of the 15% level are not acceptable and called on insurance companies to fully adapt to this.

"The government's decision is to legislate with the aim of enhancing competition, transparency of pricing and of course the protection of consumers and insurance loyalty," Theodoricakos said. As he explained, the legislative initiative of the Ministry of Development will include the establishment of a new index by ELSTAT - with objective and scientific data - based on the re-evaluation of the existing IOBE index. The new index will be valid from 1.1.2026 and will be accompanied by additional regulations for transparency and consumer information. 

"It is not acceptable for someone to sign a deal, pay for several years and when they grow up they are required to pay successive and exorbitant increases," the development minister said, adding: "For this year I want to send a clear message: increases of 14.6% are not acceptable, we call on insurance companies to fully adapt to this. We expect, otherwise the government will do what is necessary. The government has proven that where necessary it takes the necessary decisions, such as the abolition and reduction of bank charges announced by the Prime Minister and the 3% cap on commercial rents announced by the Ministry of Development," he said.

Theodoricakos also said that the new solution will combine consumer protection and the capital adequacy of insurance companies, as all policyholders must be protected. Giving the data, the Minister said that 900 thousand private health policies are currently in force and of these, 255 thousand are lifetime policies, which have actually had significant increases in recent years, resulting in their reduction. The lifetime contracts from 711 thousand in 2011 reached 370 thousand in 2018, due to the great crisis and memoranda.

"From the first month in the Ministry of Development, I have discussed with all consumer associations and the issue has been raised in repeated meetings in the government with the participation of the BoE and the Competition Commission," Theodorikakos explained and stressed that the main thing is that the policy of reforming the NHS should continue, so that citizens enjoy the best services from the public health system. "I intend to address the Competition Commission again and ask for an immediate announcement of an audit on the existence of cartels in the private health sector, as is its duty and responsibility. It should expeditiously complete the audit and make announcements on what it found," he added. 

The government's intervention comes after new increases that have been announced or are expected to be announced in 2025, reaching 14% for life insurance plans and around 8% for annually renewed plans, if the increase due to the age of the insured is included and added to the nominal increase in tariffs.

Earlier, the Development Minister had a meeting with representatives of the Hellenic Association of Insurance Companies, who raised the issue of the high claims paid every year and the rising cost of medical services.

The Hellenic Association of Insurance Companies defended the increases in premiums, noting that insurance companies "do not create or shape health costs themselves. They pay for them" by paying "the cost of the care that their insured persons receive mainly from private health care providers (clinics, diagnostic centres and doctors) through the premiums they collect".

It also defends the objectivity of the IOBE's index, which it notes is "fully technocratic and reliable, as it is derived on the basis of verifiable and cross-checked data with the insured and claims registers of each insurance company. The Hellenic Association of Insurance Companies considers the existence of the existing specific indicator to be essential for achieving transparency and argues that its calculation should be carried out either by ELSTAT or by IOBE.