Greek real estate properties have no insurance support
Greek real estate properties have no insurance support
  Economy

Greek real estate properties have no insurance support

Only 13% of residences and businesses damaged by the August fires were insured.
RE+D magazine
29.09.2021

The percentage of domestic houses and businesses that are insured against fire remains very small, as shown by the data published by the Association of Insurance Companies of Greece (EAEE).

According to initial estimates from the damage caused by the devastating fires in August in many parts of the country, only 13% of the homes and businesses that were damaged were insured. More specifically, a total of 778 losses were declared with an initial compensation provision of a total of € 38.5 million. Of these, 742 losses related to property insurance (compensation estimate of € 38.3 million) and 36 losses to car insurance (estimated approximately € 200,000).

In terms of property insurance, the insurance companies participating in the survey reported losses on real estate of all categories (residential, commercial and industrial facilities, photovoltaic systems, agricultural facilities, technical projects and hotels) whose total insured value was € 410, 4 million The most affected were the properties located in the region of Attica (insured value € 353.2 million).

Due to the forest fires in the period July 27 - August 23, 2021, a total of 742 claims on property insurance were declared to the participating insurance companies with a first assessment amount for compensation of € 38.3 million, so the average declared loss is estimated at € 51,568.