The Greek insurance market is very well capitalised and has the potential to take on a broader role in managing natural disasters, both in covering losses and through its role as a long-term investor, stated the governor of the Bank of Greece Yannis Stournaras in a debate with the president of the Spanish Union of Insurance Companies (UNESPA) Mirenchu del Valle Schaan and the president of the Hellenic Association of Insurance Companies Alexandros Sarrigeorgiou, in the context of an event held recently during the annual general assembly of the association.
"Homes and businesses need to be insured so they can manage the difficulties. Comparing the percentage of insured homes in Greece, which is 18%, with the corresponding figure in Spain, which is 76%, it is clear that there is still a long way to go," he added.
 Sarrigeorgiou supported the establishment of a system for the management of natural disasters with the participation of the insurance market, noting that citizens once relied on the state to cover them after a natural disaster. The truth, however, is that this is no longer the case for any state because it is not financially sustainable. This must be clearly communicated to citizens.
The president of UNESPA presented the Spanish natural disaster management system and referred to the case of the floods in Valencia at the end of 2024. As she said, the damages suffered by Valencia are estimated at 3.5-4.5 billion euros, explaining that they are covered by Spain's system, which is a public-private partnership with the central role of insurance companies.
Referring to the issue of the impacts of natural disasters on society and the economy, as well as the ways of managing them, among other things, she emphasised that the state can provide support to those affected, but this support is not enough to rebuild a house from scratch or to restart a business that has been affected. This is what private insurance does.