Mandatory Insurance for Natural Disasters
What Changes as of June 1st, 2025
As part of efforts to strengthen resilience against natural disasters and in alignment with European directives and best practices, Law 5162/2024 comes into effect on June 1st, 2025.
This new regulation introduces mandatory insurance obligations for businesses and vehicle owners, aiming to systematically protect assets against risks such as earthquakes, floods, and wildfires.
What the Law Provides:
Article 25 (Law 5162/2024, Official Gazette A’ 198/05.12.2024) – Businesses
- Mandatory insurance for businesses with an annual turnover exceeding €500,000
- Minimum 70% coverage of asset value required
- Covered risks: Earthquake, Flood, Wildfire
- Insured assets: Buildings, trucks, equipment, raw materials, products, etc.
- Non-compliance penalty: €10,000
Article 26 (Law 5162/2024, Official Gazette A’ 198/05.12.2024) – Vehicles
- Vehicle owners must insure their vehicles at current market value
- Covered risks: Flood and Wildfire
- No state compensation will be provided for uninsured vehicles damaged by natural disasters
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Why It Matters:
This legislation is not just an obligation—it is a necessary step toward protecting against the growing consequences of climate change.
Property and vehicle insurance is now essential for the resilience of every business and household.
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We’re Here to Help:
At SAKAROGLOU A. & CO KG – MALETSCHEK & PARTNER HELLAS, we closely monitor regulatory developments and are ready to guide you in selecting the insurance solutions that meet these new legal requirements.
Our goal is your timely compliance and substantial protection against modern risks.
Let’s view this new legal framework as an opportunity for progress and preparation—towards a safer and more resilient future.
Our observations and assessments regarding this article are provided with impartiality and objectivity, and are intended solely to offer accurate and reliable information. They do not constitute binding positions or recommendations.