Mandatory Insurance Against Natural Disasters: Latest Amendments

On December 5th, 2024, Law 5162/2024 was published, introducing significant amendments to Law 5116/2024 concerning mandatory insurance against natural disasters.

The amendments are two-fold: On the one hand the scope of mandatory insurance against natural disasters is extended to include smaller-scale businesses, while, on the other hand, mandatory private insurance against natural disasters is introduced for the first time for private-use vehicles.

More particularly, with respect to businesses:

• Private insurance covering the risks of forest fire, floods and earthquakes will be mandatory for businesses with gross revenue exceeding the amount of €500,000 annually (down from the previous threshold of €2,000,000);