Catastrophic risks: What changes for businesses under the new insurance obligation?

Insurance obligation for catastrophic risks: what the new legislation requires and what companies must do by 31 March 2025

The webinar "Insurance obligation for catastrophic risks - Budget Law no. 213/2023, implementing Ministerial Decree no. 18/2025" was held on Friday 21 March, sponsored by Unione Parmense degli Industriali, Gruppo Imprese Artigiane and Inser Spa, insurance broker of the Verlingue Group. The meeting provided a timely and operational analysis of the new regulatory framework which, from 2024, will impose an unprecedented insurance obligation on all companies:By 31 March 2025, companies with a registered office or permanent establishment in Italy will have to take out insurance against direct damage caused by natural disasters and catastrophes (earthquakes, floods, landslides, extreme weather events). During the webinar, speakers Rossella Carapezzi, Michele Larini and Ivo Gaeta from Inser Spa explained the main operational aspects of the implementing decree no. 18 of 30 Jan. 30 January 2025, highlighting:- the assets covered by the compulsory insurance: land, buildings, plant, machinery and industrial or commercial equipment used for business activities;- the entities concerned: all companies operating in Italy, including foreign branches with an operational base in the country;- the characteristics of the policies: obligation for companies to take out insurance, definition of limits, presence of deductibles and excess, periodic updating of premiums based on the evolution of the risk;- the underwriting capacity of the market: a critical point of confrontation between insurers and brokers. The initiative was an important moment of discussion to prepare with awareness for a regulatory change that will have a broad impact on the Italian productive fabric.