Catastrophic Insurance Policies in Italy

All companies with a registered office in Italy and foreign companies with a permanent establishment in Italy, provided they are registered in the Business Register (art. 2188 c.c.). Professional firms and small businesses with a VAT number are also included, while agricultural enterprises are excluded.

Tangible assets recorded in the balance sheet (art. 2424, item B-II): land, buildings, plants, machinery, and industrial/commercial equipment. Third-party assets used for business activities can also be included.

Deadlines vary by size: large enterprises by March 31, 2025, medium enterprises by October 1, 2025, small and micro enterprises by December 31, 2025.

There are no direct financial penalties, but the company is excluded from access to public contributions, grants, and incentives. For large companies, indirect penalties take effect from June 30, 2025.

The policy must cover at least: earthquakes, floods, landslides, inundations, and overflows. For earthquakes, shocks within 72 hours of the first event are considered part of the same claim.

The premium is proportional to the risk, considering geographical location, asset vulnerability, hazard maps, and predictive models. Areas with high seismic or hydrogeological risk will have higher premiums.

For insured amounts up to 30 million euros, the deductible and co-insurance cannot exceed 15% of the indemnifiable damage. For higher amounts or large enterprises, there is greater contractual freedom.

For values up to 1 million, the compensation covers 100% of the damage. For values between 1 and 30 million, the minimum compensation is 70% of the insured amount. Beyond 30 million, the limits are negotiable.

No, agricultural enterprises are expressly excluded from the obligation because they are already subject to the national mutual fund for meteorological events.

Yes, the assets used "for any reason" for the activity can be insured, unless the owner already has equivalent coverage. The entrepreneur is entitled to reimbursement if the owner does not restore the asset.

Existing policies must be adjusted to the new requirements at the first useful renewal or subsequent payment after the decree comes into force.

No, properties with building violations or constructed without permits cannot be covered by catastrophic insurance policies according to the decree.

The value must be estimated according to: reconstruction as new for buildings, replacement cost for machinery, restoration cost for land. A correct assessment is crucial to avoid underinsurance.

Not automatically. Each administration (ministerial, regional, local) must formally incorporate this requirement into their tenders. The Ministry of Enterprises has already done so with D.M. June 18, 2025.

Decree no. 18/2025 provides for state or public-private insurance schemes to manage high-risk areas that cannot be insured by the ordinary market.

Law December 30, 2023, no. 213 (Budget 2024), paragraphs 101-111 art. 1; Interministerial Decree January 30, 2025, no. 18; Decree-Law March 31, 2025, no. 39 converted into law.

The interministerial decree no. 18/2025 came into effect on March 14, 2025, for its operational provisions, but the deadlines for compliance vary by company size.

La definizione segue la Raccomandazione UE recepita nel decreto in fase di conversione: microimprese (< 10 dipendenti, < 2M€), piccole (< 50 dipendenti, < 10M€), medie (< 250 dipendenti, < 50M€).

IVASS has a supervisory function over the insurance market, ensuring that companies have adequate risk-taking capacity, reliable models, and comply with regulatory requirements.

Yes, the obligation is regulatory and independent of access to incentives. Furthermore, the policy protects the company's assets from catastrophic events that could compromise operational continuity. Indirect sanctions greatly limit future access to any form of facilitation.