Uninsured against calamities

Greek properties are among the least insured against natural disasters, according to reinsurer Swiss Re.

Only 3% of Greek properties are insured against all possible catastrophic events, leaving the country lagging far behind others and increasing the burden for the state budget, which has to step in to provide relief and compensation.

In countries such as Belgium, the Czech Republic, Denmark, France, Israel, Poland and Switzerland, properties are 50%-82% insured for all possible catastrophes, while in countries such as Austria, Germany, the Netherlands and Turkey, coverage varies from 25% to 50%. In Turkey, all new homes must have full disaster insurance.

While Greece has one of the highest levels of home ownership, at 70%, only 16% of homes are insured at all. And that’s because banks have now made insurance against earthquake a precondition of mortgages