Coronavirus causes “debt fever” at insurance funds ATHENS 9,84

Debt to insurance funds climbed to around 39 billion euros, according to data from the Insurance Premium Collection Center (KEAO) for the third quarter of this year.

The figures show an increase in debt of at least 771 million euros in a quarter, total debt of 38.77 billion euros and accounts receivable now exceeding 2 million.

Sleep the old debts

The debt to insurance funds, in an overwhelming proportion (74.27%), comes from the “pre-crisis” era, that is to say before 2009, with 688,507 debtors and reached 28, 8 billion euros.

On the contrary, after 2009, a “new debt” arose from 1,404,779 debtors with a total debt of 9.97 billion euros.

It is a fact, however, that from 2009, during the period of economic and health crisis, more than double the number of new debtors was added.

KEAO data shows that an effort will be made by the end of the year to collect, in 2021, a total of more than 1 billion euros. This is a much lower result than the 1.47 billion euros that were collected in 2019 and the 1.12 billion euros that had flowed into the funds in 2020.

The debtors card

From the data analysis, it emerges that:

Most of the debtors (642,542) are non-employees of e-EFKA, with debts amounting to 2 billion euros.

The 548,930 debtors of the former OAEE (independent) created a multiple debt of 12.79 billion euros.

The largest debt has been accumulated by the 479,704 debtors of the ex-IKA, who owe 20.62 billion euros.

For the 120 installments, the active parameters stood at 507,365 at the end of September. The total of debts included is estimated at around 4.3 billion euros.

The number of arrangements (active, completed, lost) reached 1,216,725, the debts which were included in this regime amount to 19.09 billion euros.

In the third quarter of this year, 239,410,591 euros were collected by KEAO.

In total, 690,166,714 euros were collected this year.

More than 7.52 billion euros have been collected since the launch of KEAO.

In the third quarter, 158,868 other debtors joined the Center with a total debt (main debt and additional costs) amounting to 59,970,895 euros.

80.41% of debtors (1,683,161 natural and legal persons) have a debt of up to 15,000 euros each.

30,000% of debtors (89.42 natural and legal persons) owe up to 1,871,875 euros.

At 5.81 billion euros (14.99% of the total), the debt amounts to 82,909 debtors, who owe 50,000 to 100,000 euros each.

Only 2,149 large debtors have accumulated a debt of 9.39 billion euros. This is 0.10% of debtors, who owe amounts in excess of one million euros each and who have accumulated 24.23% of the total debt.

Dimitris Kostakos


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John A. Bogar

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