Risk Management Policies and application of insurance tools to the coverage of catastrophic Events

The aim of the study carried out in this work, which is included in the IRISS-CNR research project "Innovation of insurance services and management of catastrophic risks", is to offer answers and solutions to the increasingly relevant issue of natural catastrophe injuries; the aim is to focus above for all the Risk Management policies with respect to the adoption of insurance coverage for socalled catastrophic exposures. In recent years, the so-called "catastrophic risks" have led actors to explore new forms for risk transfer. The losses incurred by the insurers as a consequence of man-made or natural disasters are increasing considerably. In order to provide an idea of the problem, it is enough to think that, although the number of events has decreased, in 2017 it has been a record year in terms of economic damage suffered in the world, reaching 275 billion euros, more than twice the amount recorded in 2016 (150 billion) as well as the average of the last 50 years (Source ANIA, 2018). In the most recent ANIA report, it can be observed that during 2017 Italy suffered from a variety of weather and hydrogeological events: in total, for all the catastrophic events of the last year experienced in our Country, it is estimated that the entire insurance sector has paid back about 385 million euros, a number that reflects the still moderate degree of diffusion of the coverage, against an annual average of about 3 billion euros in the last 20 years of economical damage.