04 ott 2024
The implementation of mandatory catastrophic insurance for businesses is progressing, with a decree expected soon.
The decree aims to regulate insurance coverage for events like earthquakes and floods, and includes measures to mitigate premium costs.
Key elements include event definitions, exclusions, indemnity limits, and deductibles.
The deadline for compliance has been extended to early 2025 to allow companies time to adjust.
The decree also provides flexibility for large enterprises and mandates comprehensive coverage for smaller ones.
An Ivass study highlights the variability in current market offerings, emphasizing the need for clear negotiation on exclusions and limits.
The upcoming decree on mandatory catastrophic insurance for businesses is nearing completion, with expectations for its release soon.
Initially drafted in June, the decree has undergone refinements to address various aspects, including the definition of events requiring insurance, such as earthquakes, floods, and landslides.
The decree also outlines exclusions, indemnity limits, and deductibles to help control premium costs.
The deadline for mandatory compliance has been extended to early 2025, allowing companies time to adapt to the new regulations.
Large enterprises are granted flexibility in insuring only high-value assets, while smaller businesses must cover all assets within certain value thresholds.
The Ivass study from June examined existing catastrophic insurance policies, revealing a wide range of coverage options and highlighting the importance of negotiation for exclusions and limits.
The study found that maximum coverage for buildings ranges from 20, 000 to 100, 000 euros, while content coverage varies from 5, 000 to 50, 000 euros.
The decree aims to standardize these elements, providing a clearer framework for both insurers and insured parties.