Biotechnical Chamber of Athens Calls for Reevaluation of Business Insurance Framework

The President of the Biotechnical Chamber of Athens (BCE), Konstantinos Damigos, has requested a reevaluation of the insurance framework for businesses in a letter addressed to Finance Minister Kyriakos Pierrikakis. Following numerous complaints from dozens of biotechnicians—members of the Chamber—the BCE administration highlights that while it does not oppose the spirit of Article 5 of Law 5116/2024, it expresses concerns about how the cost calculation method combined with the level of liability economically burdens small and very small enterprises. According to BCE, insuring these smaller businesses excessively increases their operational costs, making it difficult for most entrepreneurs to cover them. The law primarily aims to protect large enterprises from catastrophic natural phenomena risks, potentially affecting medium-sized businesses, but again overburdens small, family-owned businesses. This increase in insurance costs and terms could become unsustainable, especially in high-risk areas. BCE emphasizes that insurance companies should be required to offer more proportional premiums and balance costs with adequate coverage. BCE’s President calls for immediate postponement of the implementation date and administrative penalties, establishment of incentives for compliant businesses, alignment of enterprise needs with system requirements, and a tripartite dialogue among administrations, insurance companies, and businesses to create attractive and flexible insurance programs. Starting June 1, 2025, all businesses with an annual turnover exceeding €500,000 must have an insurance policy covering at least 70% of their property value against natural disasters such as wildfires, floods, and earthquakes. Non-compliance results in a €10,000 administrative fine, doubling annually if unaddressed.