By a joint ministerial decision issued by the Ministries of National Economy and Finance, Development, Climate Crisis and Civil Protection and Digital Government, all issues concerning the obligation to insure businesses to natural disasters, which came into force on 1 June 2025, are regulated.
Article 5 of Law 5116/2024, voted on July 1, 2024, provided for 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:
(A) The scope of companies fall, whose annual gross income exceeds EUR 500,000.
B) From compulsory insurance, excluded:
a) The State, Public Sector Bodies and Public Real Estate Company SA,
b) arbitrary constructions excluded from state aid,
(c) ships, trains, aerial and generally transport means that are included in the concept of equipment,
d). All kinds of aerial, underground and underwater infrastructure, including mines,
(e) Rural crops, vegetable production, aquaculture and livestock and
(f) The newly established companies that do not yet have publicized financial statements.
(C) In addition, the procedure for exemption for those undertakings cannot be insured, for certain or all risks and for some or all elements 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.
(D) Businesses that do not comply with the Obligations of the JMD 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.
Source: Skai
I have worked as a journalist for over 10 years, and my work has been featured on many different news websites. I am also an author, and my work has been published in several books. I specialize in opinion writing, and I often write about current events and controversial topics. I am a very well-rounded writer, and I have a lot of experience in different areas of journalism. I am a very hard worker, and I am always willing to put in the extra effort to get the job done.
