(Finance) – Sace announces the start of operations for the issue of the public guarantee aimed at increase the resilience of Italian companies Against the damage caused by natural catastrophes, reducing the current insurance gap. The guarantee is issued in favor of insurance and reinsurers authorized in Italy to the insurance of Natural catastrophic risksproviding for coverage of up to 50% of the insurance compensation that the companies will pay to Italian companies insured in the face of the occurrence of the natural catastrophic events covered by the insurance policy.
Paragraph 101 of article 1 of the law of 30 December 2023, n.213 (the “Budget law 2024”) has introduced for the first time in Italy an insurance system to cover natural catastrophic risks. In particular, all companies – with the exception of agricultural ones – with registered office in Italy or foreign with a permanent organization in Italy, registered in the register of companies pursuant to article 2188 of the civil code, are required to enter into March 31, 2025 insurance contracts to cover the damage to the material goods referred to in Article 2424, first paragraph, active section B -II, Numbers 1), 2), of the Civil Code directly caused by the Civil Code. Natural disasters and catastrophic events that occurred on the national territory, such as SISMI, landslides, floods, floods and floods.
In this context, in order to contribute to the effective management of the portfolio of the insurance companies, SACE grants the guarantee in the form of reinsurance on market conditionscovering compensation up to 50% for a total amount not exceeding the ceiling established by the Budget Law 2024, equal for 2025 to Euro 5 billion.
The coverage lent by SACE is guaranteed by the State and is regulated by means of a specific convention approved By decree of the Minister of Economy and Finance and the Minister of Business and Made in Italy and published on the SACE website. The insurance or reinsurance company that intends to make use of the aforementioned coverage can join the measure by downloading the agreement scheme and the relative adhesion form which must be transmitted via PEC within the terms provided for by the Convention.
The grounding of this new operation has been made possible thanks to the collaboration between different actors of the country system who have contributed to facting the respective skills to meet the needs of companies concretely, increasing their credit sustainability and causing an efficiency of the processes related to catastrophic events.