Life insurance to become 2009 benefit offered by 40% of local companies

Generali Employee Benefits is a network of the Generali Group insurer, specialized in providing employee benefit solutions globally.

“Given the crisis, I do not expect benefit packages for employees to change significantly. On the other hand, further benefits will not be added to the current structure,” Anastasiu said.

In 2009, some 40 percent of local companies will provide life insurance, compared to 80-90 percent in Western Europe.

Most companies who provide life insurance are operating in the pharmaceutical industry, followed by those in IT&C, telecom, fast-moving consumer goods (FMCG) and the retail fields.

In multinational companies, the average value of life insurance contracts is €17,000, or a €70 average per employee annually. In local companies, mostly small and medium-sized enterprises (SME), the average value is €1,000.

Furthermore, optional pensions are increasingly provided as benefits. In 2007, only 3 percent of companies provided this benefit, while 7 percent offered optional pensions in 2008 to secure personnel, according to a study by consulting company PricewaterhouseCoopers.