Greece: Insurers' compensations for wildfires in the summer of 2023 are estimated at EUR 49 million

1 November 2023 — Daniela GHETU

A total of 403 damages were reported, with total compensations amounting to EUR 48.78 million after the wildfires that affected Greece this summer, the Union of Insurance Companies of Greece (EAEE) said.

The data were computed using information provided by the insurance companies that participated in an investigation conducted by EAEE into the first assessment of the compensations of the Greek insurance market for property and car insurance losses from the forest fires of the summer of 2023.

It is noted that the investigation includes the damages caused by two severe episodes of wildfires that prevailed in Greece:

  • 17 - 28 July 2023 (with outbreaks mainly in Saronida, Rhodes, Loutraki, Aghialos) – estimated losses before exemptions of EUR 33.47 million
  • 19 – 31 August 2023 (with outbreaks in Phyli, Aspropyrgos, Boiotia, Kavala and Evros) – estimated losses before exemptions of EUR 15.31 million

The 387 losses related to property insurance (total estimated losses before exemptions EUR 48.65 million), come from the following categories:

  • Residence – 176 files – estimated loss: EUR 4.04 million
  • Commercial risks – 85 files – estimated loss: EUR 26.69 million
  • Photovoltaics – 59 files – estimated loss: EUR 0.5 million
  • Technical Works – 29 files – estimated loss: EUR 0.58 million
  • Industrial hazards – 38 files – estimated loss: EUR 16.84 million

In addition, 9 losses were recorded for car insurance (estimated claims of EUR 43 thousand) and 7 losses to transport insurance (estimated EUR 85 thousand).

The EAEE survey is available here and the corresponding infographic here .

The President of the Property, Transport & Reinsurance Committee, Errikos Moatsos, said in this regard: "The account of forest fires in 2023 was particularly heavy, with the result that in 2023 Greece will be at the top of the list of European countries in terms of the severity of fires. The Greek insurance market started the compensation process from the first moment, with the total amount to be paid by the sector being the largest given for forest fires in Greece to date.

Unfortunately, the catastrophic events did not end with the fires, as in September we had the catastrophic Storm Daniel (rainfall – flooding). The investigation into the assessment of these compensations is expected to be completed and published in the near future."