Greek properties are among the least insured against natural disasters, according to reinsurer Swiss Re. Only 3 per cent of Greek properties are insured against all catastrophic events. It exposes Greece as lagging far behind other EU nations. It also posses an increasing the burden for the state budget, which has to step in to provide relief and compensation.
In countries such as Belgium, Denmark, France, Israel, Poland and Switzerland, properties are 50 per cent to 82 per cent insured against natural disasters , while in countries such as Austria, Germany, the Netherlands and Turkey, coverage varies from 25 per cent to 50 per cent. In Turkey, all new homes must have full disaster insurance.
While Greece boasts one of the highest levels of home ownership in Europe, at 70 per cent, only 16 per cent of homes are insured at all. Banks have now made insurance against earthquake a precondition to mortgage loans.
