Extension of catastrophe risk insurance obligation for businesses

The recent green light from the Chamber of Deputies marked an important step for Italian small and medium-sized businesses. With 128 votes in favor and 79 abstentions, the decree extending the obligation to take out insurance against catastrophe risks was approved, extending the deadline until October 1, 2025 for medium-sized businesses and for small and micro businesses.

This measure, part of the 2024 budget, aims to ensure greater protection for companies in an increasingly uncertain economic context.

The new measures and suspended sanctions

In addition to the extension, the decree also provides for a 90-day suspension of fines for companies that already had to comply with the insurance obligation, which came into force in April. This measure was welcomed, as it offers a breathing space to companies that are facing economic difficulties. During the discussion in the commission, it was established that properties subject to regularization or amnesty will also have to be insured against catastrophes, thus broadening the scope of the regulation.

Compensation and insurance costs

Another important aspect concerns rental properties: the compensation due to the owner in the event of damage must be used to restore the damaged or destroyed property. However, one of the most anticipated proposals, that of making the costs of insurance policies deductible, has not been accepted. Despite the bipartisan request, the government has decided not to include this measure in the current decree, but has left open the possibility of evaluating it in the future.