Decade’s cash paid out in two years
Disasters from natural phenomena tend to take on the character of a pandemic and due to the climate crisis are now the norm, threatening to wipe out entire settlements.
The frequency and severity of weather events, which are pushing the cost of repairing damage higher, are bringing back the debate about the shielding of infrastructure, but also the need to have a universal system of insurance for homes and businesses against the fury of nature and capable of distributing the unbearable costs of natural disasters.
This need becomes imperative given the low rate of insurance policies in Greece, which does not exceed 20% for residences and stands at approximately 25-30% for businesses, revealing the huge gap that exists in contrast to other markets such as France, where compulsory insurance has been the reality for about 50 years, but also Spain, which since 1998 has included natural disasters in covered risks.
Data from the Association of Insurance Companies of Greece (EAEE) show the compensation paid in the last two years amounted to 138 million euros and approached that paid in the previous decade, which amounted to €165.5 million.
