The insurance of cars and businesses with a turnover of over 500,000 euros from June 1, 2025, for natural disasters such as forest flood fires and earthquakes were compulsory.

As far as the car is concerned, insurers have already informed their clients that those who do not include insurance in their contract, will not be compensated by the state if there is a natural disaster (forest fire or flood).

Insurance is based on the current commercial value of the vehiclewhile the obligation to insurance for natural disasters also applies to vehicles they have deposited plates and have been put into immobility.

It is noted that the insurance of the professional use of businesses with a turnover of more than 500,000 euros applies Law 5116/2024.

What is true for businesses

As far as businesses are concerned, from June 1, 2025, All businesses with an annual turnover of over 500,000 eurosare required to have an insurance policy covering damage from natural disasters – forest fire, flood and earthquake – at least 70% of the value of their assets.

The cover obligation concerns privately owned installations, equipment, raw materials, goods, means of production, business vehicles and stored products.

If there is already a contract, it is sufficient to confirm that the coverage meet the requirements of the law and consider whether the 70% coverage responds to the real needs of the business to avoid the risk of undercover.

According to the legislation on undertakings that will not be insured, an administrative fine of 10,000 euros is provided, which doubles if they remain uninsured and exemption from state aid.

The Piraeus Shopping Association calls for review and exceptions

Meanwhile, his concern is expressed by the Piraeus Chamber of Commerce, in a letter to the relevant ministries “for serious distortions and impasses created in the face of the implementation of compulsory business insurance for natural disasters, from June 1, 2025, for those who exceed 500,000 euros”.

The Association states that there are cases where the insurance market refuses to cover old buildings or high -risk areas, making compulsory insurance for hundreds of businesses impossible. In addition, the financial inability of many small and mediums to pay increased premiums creates conditions of exclusion and injustice.

The Piraeus Shopping Association proposes:

-Exceptionally businesses that have received documented refusal from insurance companies.

-Possibility of a responsible statement that they do not want state compensation without imposing a fine or other sanction.

-Excellent extension to improve the framework and deal with problems in practice.

-Mispical platform and meeting for a holistic strategy

The Piraeus Chamber of Commerce also restores the proposal to create a single digital business and support platform in the case of natural disasters, as well as the organization of a workshop for the prevention, support and shielding of the business community by emergency phenomena.

“The state must separate the” denials “from the” weak “and not deal with horizontal penalties with all entrepreneurship. If the market is not insured, the state cannot be punished, “Piraeus Chairman Thodoris Kapralos said in a statement.

T. Theodorikakos: The issue will be resolved in collaboration with the Ministry of Finance

It is recalled that in a recent interview with ERTnews, Minister of Development Takis Theodorikakos, referring to the new framework for compulsory business insurance against natural disasters, emphasized that the issue with insurance that does not secure buildings that have not been constructed by modern -day anti -Semitic regulations.