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Original Sins of Insurance systems: The case of the Greek Occupational Risk Insurance Scheme, IKA-ETAM

International Journal of Contemporary Economics and Administrative Sciences

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Title Original Sins of Insurance systems: The case of the Greek Occupational Risk Insurance Scheme, IKA-ETAM
 
Creator Targoutzidis, Antonis
Koukoulaki, Theoni
Pinotsi, Dimitra
Skiadas, Christoforos
Pappa, Maroudia
 
Subject Occupational risk insurance, prevalence approach, incident approach
G22; G32
 
Description This paper aims to estimate the cost of pensions, compensations and foregone contributions due to occupational accidents for the main Greek social security institution IKA-ETAM. Through this process, conclusions transferable to other occupational risk insurance systems are drawn. Both prevalence and incidence approach are applied on analytical data for active and new occupational accident pensions and compensations of IKA-ETAM for 2007. Cost is estimated as the difference of all costs and benefits with and without the accident. Prevalence approach leads to an estimate of €148,539,548.40 against an estimate of €77,707,206.98 with incidence approach. In both approaches, cost of temporary disability is estimated at €18,464,021.61 and foregone contributions (opportunity cost) account for 27% of total cost. Although wages raised, contribution and compensation rates remained stable and accidents decreased for IKA-ETAM contribution payers during last decades, the viability of the system is threatened. The reasons identified are a) the increase of the average time off-work per accident and b) the backload, due to the large number of accidents and pensions in the past.
 
Publisher IJCEAS
 
Contributor This study was supported by European Commission ROWER Project (Repository of Occupational Well-being Economics Research)
 
Date 2011-07-12
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
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Format application/pdf
 
Identifier http://www.ijceas.com/index.php/ijceas/article/view/29
 
Source International Journal of Contemporary Economics and Administrative Sciences; Vol 1, No 2 (2011); 90-102
1925-4423
 
Language eng
 
Relation http://www.ijceas.com/index.php/ijceas/article/view/29/pdf