Italy's insurance companies reported total premium income of 130 billion euros in 2023, which was consistent with the previous year. However, the consequences of climate change are becoming more serious. Natural disasters are becoming more severe, frequent, and destructive, putting more people and property at risk. In Italy, atmospheric events, particularly floods in Emilia-Romagna and Tuscany, resulted in an all-time high in insured damage of more than 6 billion euros. However, only 6% of the 35.3 million existing homes are insured against catastrophic events, despite the fact that 80% of civilian homes are at medium-high risk from seismic and hydrogeological instability. As for companies, only 5% have insurance coverage, with significant differences depending on size. 4% of micro companies, 19% of small companies, 72% of medium-sized companies, and 97% of large companies are insured against catastrophes, out of a total of over 4.5 million Italian companies. However, the most recent budget law mandated insurance for businesses as well as coverage for insurance companies.
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