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Solvency II - better risk management and more reliable private insurers

13 October 2010 / 16:10:38  GRReporter
5127 reads

There is much of a talk today of additional pension funding in addition to the compulsory one. Do you think it is the solution for living better in the old age and how important is it to diversify the risk and to allocate our savings between public and private insurance?

Diversification of risk applies to every business and capital, but I would like to draw attention to what is discussed today in Greece concerning the combination of public and private insurance, which led to the desired quality of life in the elderly. This reform was implemented in Bulgaria in 1990s. Today the social security has three main pillars. The first two are related to the compulsory social security (professionally insured, according to the specifics of their labour and universally insured, funded by both the employer’s and personal contributions - author's note), and the third according to me is the most important and it affects the voluntary social insurance. It concerns the awareness of people to submit themselves or rather to secure a private pension to supplement the outcome of the first and second pillar. I think it's time everyone of us to consider voluntary private pensions. It appears that in the conditions of generally aging nations not only in Europe but in the world that will inevitably have an impact on the state of security. Everyone should ask whether the model that works today will give us the security we expect in the future?

 

Tags: EconomyMarketsInsuranceFadata INSIS Solvency II
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