Insurance coverage for natural disaster risks remains below 25% in Europe. In Greece, it has been below 5% since 1980, mainly due to the underestimation of risk by citizens, but also the expectation that the state will always cover any damage, Petra Hielkema, President of the European Insurance and Occupational Pensions Authority (EIOPA), said at the NatCat Summit.

At the event that took place on June 10, 2026, she presented important data on the deficit in property protection, which is recorded internationally and to a much greater extent in Greece, insurancedaily.gr reports.

Research shows that citizens do not buy insurance as they underestimate their exposure to risk, and after a disaster they hope that there will be state assistance through compensation. According to Petra Hielkema, secondary risks have become less and less insurable in recent years. Insurance companies “must be the first line of defense during natural disasters”, she stressed and said that there must be investment in the field of prevention through incentives such as lower premiums, the use of innovative tools and public-private partnerships.

The focus of the “NatCat Summit” was the urgent need to redefine the country’s strategy against natural disasters, with experts underlining that Greece is called upon to face a new reality where risks are becoming more frequent and intense.