Decree-Law No. 39/2025 (effective from 31 March) extends the deadline by which companies, with a registered or permanent establishment in Italy that must be registered in the relevant register, must take out insurance contracts to cover risks caused by natural disasters and catastrophic events to 1 October 2025 for medium-sized enterprises and to 31 December 2025 for small and micro enterprises. For large enterprises, the deadline remains unchanged at 31 March 2025, as confirmed by the Law 21 February 2025, no 15 converting the decree law 27 December 2024, no 102 so-called “Milleproroghe” Decree. Such obligation introduced by the 2024 Budget Law (Law 30 December 2023, No. 213) refers to insurance contracts covering damages to land and buildings, plant and machinery, as well as industrial and commercial equipment directly caused by natural catastrophes such as earthquakes, floods, landslides, inundations, and overflows.
It is important to note that Ministerial Decree 30 January 2025, no. 18 (Official Gazette n. 48 of 27 February 2025), in force from 14 March 2025, defines the implementing and operative modalities of catastrophic risk insurance schemes, providing that insurance companies must adapt the text of newly issued insurance policies by 31 March 2025, while for policies already in place, the adjustment is foreseen from the first renewal or the first relevant settlement.
For further information, please contact:
Anna Ferraresso, Linklaters
anna.ferraresso@linklaters.com
