GREECE: 16 storms caused over EUR 511 million of insured losses from 2015 to 2023

14 February 2024 — Marina MAGNAVAL
From 2015 to 2023 Greece has recorded 16 rainstorms with serious effects on the local economy. Through the Cat Monitor tool created by EAEE (the Association of Insurance Companies of Greece) important data on extreme natural disasters is recorded across the country, writes.

It’s worth noting that in the first 5 years there were 6 natural disasters that led to insured economic losses of EUR 46.5 million, while during the other 4 years there were 9 storms that led to compensations of EUR 459.8 million, which includes the great disaster in Thessaly. In total, from 2015 to 2023, the storms led to insurance losses of EUR 511.6 million.

Unfortunately, there is no state body that has information about the insured and the total financial losses resulting from floods, fires, earthquakes, etc. However, considering the low percentage of the insured property, the total amount in relation to the insured loss recorded is many times higher.