The natural catastrophe protection gap in Italy: time for change
This Expertise Publication assesses the drivers behind and solutions for the large natural catastrophe protection gap that exists in Italy.
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Key findings of this Expertise Publication include:
- Almost all of Italy is exposed to one natural hazard or another; earthquakes are the main peril
- Earthquakes have taken many lives over the years, and the cost of quake damage to residential property is estimated to be EUR 53 billion for a once-in-a-200-year event 1
- Yet insurance penetration for natural disaster risk in Italy is among the lowest in the advanced world
- The government has traditionally acted as "insurer of last resort", but after 15 years of economic stagnation, the state's ability to fund post-disaster reconstruction has been severely diminished
- Private individuals will increasingly need to manage their exposure to disaster events
- The government should focus on increasing resilience and raising awareness about disaster risk
- In tandem, insurers should develop simple natural catastrophe protection products to help people better manage their exposure
What does this publication offer you?
- Exclusive access to the knowledge that went into this Swiss Re study.
- Our Swiss Re specialists, who are available to answer any questions you may have and to provide more details.
- The report may trigger new ideas you may wish to discuss with Swiss Re.
1 Modelled using Swiss Re's proprietary Nat Cat risk assessment tool, MultiSNAP.