All issues related to the obligation are regulated insurance business against natural disasters, according to the relevant JMD of the Ministries of Finance, Development, Climate Crisis and Civil Protection and Digital Government.
Specifically in July 2024, an article was voted on the obligation to insure the installations and business equipment, at least 70% of their total assets, for the dangers of forest fire, floods and earthquakes.
The Joint Ministerial Decision provides:
1. The scope of companies fall, whose annual gross income exceeds EUR 500,000.
2. From compulsory insurance, excluded:
- The State, Public Sector Bodies and Public Real Estate Company SA,
- arbitrary constructions excluded from state aid,
- ships, trains, aerial and generally transport means that are included in the concept of equipment,
- All kinds of aerial, underground and underwater infrastructure, including mines,
- Rural crops, vegetable production, aquaculture and livestock and
- The newly established businesses that still do not have published financial statements.
3. In addition, the exemption procedure is provided for those companies that cannot be insured, for certain or all risks and for some or all of their assets.
After receiving two negative answers to insurance requests from different insurance companies, these companies are excluded from the obligation to insurance for a period of two years. If, after this time, two negative answers from equal number of insurance companies are re -received, their exemption from the obligation to insure natural disasters becomes permanent.
4. Businesses that do not comply with the JMD’s obligations shall be imposed by the Inter -Service Market Control Unit (DIIEA) of a separate administrative fine of ten thousand (10,000) euros. The obliged undertaking shall, within thirty (30) days of the notification of the fine, be insured, otherwise the fine is doubled.
The JMD is part of a broader national strategy aimed at harmonizing state subscription and private insurance market against natural disasters.