By Nick Katsiberis, CEO & vice president ofNAK Katsiberis

Massive natural disasters, staggering compensations, and stories of people rising from their “ashes.” The aftermath of such events is both shocking and instructive, while also sparking hope. The same holds true today, a year after Storm Daniel and its culmination, Elias. This series of events, which directly and indirectly affected the entire country and caused severe economic damages, highlights the importance of cultivating a culture of insurance awareness.

Insurance often doesn’t hold the position it deserves in a business’s planning process. Instead of being the cornerstone of every Business Continuity Plan, it is often treated as a supplementary measure. However, the need for insurance arises not just from the compensation it provides post-disaster. When risk management is applied across all aspects of a business’s activities, recovery from adverse events becomes a manageable, well-charted path.

The floods in Thessaly did not only destroy infrastructure, crops, production facilities, and goods. They disrupted commercial relationships, activities, and development plans. Yet, the readiness of certain businesses to face the unknown kept them afloat. Clients of NAK Katsiberis, in the credit insurance sector, were among these resilient businesses. The damages caused by Storm Daniel to their facilities were extensive, significantly limiting their production processes initially.

The day after the disasters, alongside the recovery processes for the affected facilities, our team stepped in. The involved credit insurance companies were immediately informed about the impact of the storm on insured businesses, the estimated damages, and the recovery plans in place. In close collaboration with the insurers, we managed to maintain the strong credit positions of these businesses, avoiding potential damage claims and taking preventive actions.

Effectively, their insurance functioned as a recovery tool: their culture and systematic approach to risk management ensured practical support from the insurance companies. Compensation owed, as well as bonuses, were paid out up to seven months earlier than expected to boost their liquidity. By early 2024, operations had been restored.

Through proactive measures and insurance, businesses were able to face adversity and recover, paving a secure path for their future. This path is unique for every business. Each one must chart its course with the right partners by its side to continue evolving and operating smoothly, no matter the challenges ahead.