Fire insurance premiums rise 12.6% amid new mandatory coverage for businesses

Premiums for fire insurance increased at a rate of 12.6% in the first half of this year, a result to some extent of the compulsory insurance for all businesses with a turnover of more than 2 million euros, which was instituted at the beginning of the year.

The relevant obligation comes into effect from January 1, 2025, even foreseeing a fine of €10,000 for those businesses that do not take out insurance and has mobilized the insurance market, which expects a further increase in operations, as the date for the implementation of the measure approaches.

In addition to the fine, a critical issue for the business world is their exclusion from any measure of state aid in the event of natural disasters after January 1, while as Prime Minister Kyriakos Mitsotakis recently stated, the measure will also be extended to businesses with a turnover over €500,000, marking the...