CASTROPHIC EVENTS: RISK MANAGEMENT POLICIES AND APPLICATION OF INSURANCE TOOLS

In the Italian context, there is a underinsurance of losses from the impact of climate change and natural catastrophe and a "protection gap" between Government aid and global needs. For Italy flood in Genova and earthquake in Amatrice are only the last example of human tragedy. Now technology, data, computing, statistic and analysis advances increase insurer's ability to identify and price properties at risk and it is possible to provide natural-catastrophe (cfr. nat-cat) insurance coverage to the vast majority of householders and businesses efficiently. Insurance coverage against nat-cat reduces the negative effects of natural disasters on public spending and GDP growth diminishes, also contributing to the rapid re-launch of the economic activities of the affected areas. It's necessary to have an Italian solution for the natural catastrophe risk with the aim to promote the availability and affordability of insurance to those who own and live in properties in risk areas. It required Government legislation and a public, common and comprehensive vision on the scheme that is necessary to manage this very complex problem.  A more extensive and effective use of insurance policies could be beneficial to the natural disaster system as a general framework, releasing public funds and improving the management of private resources.