Natural disasters in Greece through the prism of insurance

Natural disasters are risING, both in frequency and intensity.

During the period 1993-2018. Greek insurers paid out € 359 million for damages caused by natural disasters. And the reported damage was 24,106€. The most devastating and costly was the 1999 earthquake. EUR 111 million was paid for damages resulting from this earthquake (including property and people – injuries).

There is a total of 4 weather disasters that have mostly caused this number of damages: snowfall, rain (including floods and tornadoes), fires and earthquakes. The most common causes of the weather are rains and on this basis EUR 128.6 million was paid in total, for all claims. The biggest damage caused by the rain occurred in 2002 and at the time, Greek insurers paid the insurers € 26.6 million. The highest average value of rain damage in 2017 was EUR 37,567 per claim (which is 77% higher than the 2012 average – EUR 21,200 per claim).

Most often, rain causes damage to peak values during the months of July and October.

The total damage from the earthquake in this period amounted to 133.5 million euros, while the damage from forest fires amounted to 45.8 million euros.

“The role of the insurance market in covering economic losses resulting from natural disasters is extremely important. During each of these events, the insurance mechanism was quickly activated to ensure a speedy recovery of the insured against the damage they suffered. ”- said the Greek Association of Insurers (EAEE).

(Photo source: ALO)