As part of the “METRON Sustainable Tourism” initiative, a Webinar entitled “Insuring Businesses against Natural Disasters. Framework and Good Practices” was held on Thursday, October 9, 2025.
The climate crisis and the increasing frequency of natural disasters make it necessary to strengthen the resilience of tourism businesses. The recent legislation establishing mandatory business insurance against natural disasters introduces new requirements, but also opportunities for better protection of the tourism sector.
During the event, the key points of the new legislative and institutional framework were presented, practical guidelines were given for its implementation by tourism businesses and characteristic examples from the market were highlighted.
The coordination was undertaken by Maria Gatsou, General Director of SETE, who stated:
“The resilience of tourism businesses against the effects of climate change is an imperative priority. The legislation on mandatory insurance against natural disasters brings challenges, but also opportunities for protection that can be translated into competitive advantages for the sector. Tourism has a strong starting point: high insurability rates, experience and know-how in managing emergencies. As needs and conditions vary, a deeper and more realistic approach to the implementation of the mandatory requirement and appropriate preparation are required.”
The Webinar was divided into the following thematic sections:
Section 1: The Legislation
Eva Varouchaki, Director of Legal Services & International Relations, EAEE (Association of Insurance Companies of Greece)
“Mandatory insurance of businesses against natural disasters — from earthquakes, forest fires and floods — is an important step towards strengthening the resilience of the Greek economy and entrepreneurship. The institutional framework that governs it, as established by Law 5116/2024 and Joint Ministerial Decision 96806/3.6.2025, clearly defines the scope of application of the law, the cases of exemption due to non-insurableness, as well as the procedures for control and imposition of sanctions.”
See the presentation here.
Section 2: Practical Issues of Implementation of Compulsory Insurance
Errikos Moatsos, Member of the Board of Directors and Chairman of the Property, Reinsurance, Transport & Vessels Committee, EAEE (Association of Insurance Companies of Greece)
“Since the entry into force of the new law, a substantial and continuous exchange of views and experiences has developed in the Association among member companies, with the aim of the proper implementation of the framework of compulsory insurance of businesses against natural disasters. In this context, important practical issues related to the implementation of the law have emerged, which require clarity and consistency. Through specific examples of insurance contracts, we seek to clarify basic concepts of insurance technology and offer guidance that will facilitate both insured persons and insurance companies, contributing to an effective and fair implementation of the new institutional framework.
Section 3: Mandatory Insurance of Businesses against Natural Disasters:
Burden or Opportunity?
Spyros Rinakakis, Senior Associate, Your Legal Partners
“Mandatory insurance now covers a large number of businesses, leading to increased costs, but also creating opportunities. The new measure requires a clear valuation of buildings and assets and the selection of an appropriate insurance program, facilitating the development of a business plan, access to bank financing, obtaining ISO certificates and subjecting them to development legislation.”
View the presentation here.
Section 4: Market Experience | Mitsis Group
Stavros Vlachos, Mitsis Rodos Maris General Manager
Evangelinos Evangelatos, Mitsis Rodos Village General Manager
Manolis Papacharidimou, Audit-Payable Accounts Manager
“From the Mitsis Group’s perspective, the actions taken to prevent and respond to natural disasters were presented, taking as an example the damage caused by a fire to two of the Group’s hotel units in South Rhodes.”
