Italian companies: from 31 March 2025, the insurance to cover damage from natural disasters becomes mandatory

With the conversion into law of the so-called "Milleproroghe" Decree (D.L. 27 December 2024, n. 102 law 21 February 2025, n. 15), the extension to 31 March 2025 for the deadline by which companies with registered office or permanent establishment in Italy, required to register in the relevant companies’ register, must take out insurance contracts to cover risks caused by natural disasters has been confirmed. The sole exception is for companies operating in the fishing and aquaculture sectors, for which the deadline has been extended until 31 December 2025. Such obligation, introduced by the Budget Law 2024 (Law 30 December 2023, n. 213), refers to insurance contracts covering damage to land and buildings, plants and machinery, as well as industrial and commercial equipment directly caused by natural catastrophes such as earthquakes, floods, landslides, inundations, and overflows.

By ministerial decree 30 January 2025, n. 18 (Official Gazette n. 48 of 27 February 2025) in force from 14 March 2025, the implementing and operative modalities of the catastrophic risk insurance schemes have been defined: by 31 March 2025, insurance companies must adapt the texts of newly issued insurance policies, while for policies already in place, the adjustment is foreseen from the first renewal or the first relevant settlement.