Italian ICMIF member Unipol Group, has launched the Natural Risk Forum, Italy’s first Think Tank dedicated to the study and governance of natural catastrophe risks, bringing together representatives from institutions, academia, civil protection authorities and the insurance sector to strengthen the country’s resilience to increasingly severe natural disasters.
The first edition of the Natural Risk Forum, held in Rome in April 2026, marked a key milestone in the development of the initiative following its initial presentation by Unipol in October 2025. The Forum is designed as a permanent platform to support a more coordinated and preventative approach to catastrophe risk management in Italy, with a strong emphasis on public-private collaboration and evidence-based decision-making.
A central feature of the April event was the unveiling of the Natural Risk Index (NRI), a new analytical tool designed to assess and compare the economic impact of natural catastrophes across Italy’s regions.
The Index combines three key components—peril, exposure and vulnerability—and was developed and modelled with the technical support of ICMIF Supporting Member Gallagher Re and is intended to strengthen understanding of hazard exposure and potential economic impacts at a regional level.
Research presented during the Forum highlighted the growing economic burden of natural catastrophes in Italy: expected losses from earthquakes, floods and extreme weather events amount to approximately EUR 7 billion annually, with around 41 million properties exposed to natural catastrophe risks across the country.
The Forum also reported that natural catastrophes have generated approximately EUR 101 billion in losses in Italy over the past 12 years, with around 80% of costs still borne directly by citizens, businesses and the state rather than transferred through insurance mechanisms. Lombardy, Emilia-Romagna and Veneto were identified among the regions facing the highest overall levels of risk exposure.
Gallagher Re played a technical role in the development of the index through its catastrophe modelling expertise. In a LinkedIn post following the event, the company said: “We were delighted to participate in the Natural Risk Forum this week in Rome. As natural event risks continue to evolve in the Italian territory, we were grateful for the opportunity to contribute our expertise to the Forum and support a clearer understanding of how these risks are assessed at a regional level. Thank you to Gruppo Unipol for involving Gallagher Re as a technical partner in developing the Natural Risk Index.”
Massimiliano Arizzi, Gallagher Re Italy, highlighted the importance of strengthening analytical capability in response to rising catastrophe exposure saying: “The growing complexity and frequency of natural catastrophe events in Italy makes it essential to invest in advanced modelling and scientific analysis to better understand regional risk exposure and support more informed decision-making.”
The initiative comes at a time of increasing focus on catastrophe resilience and insurance protection in Italy, following the introduction of a new national regulation which requires businesses to obtain mandatory insurance cover against natural disaster risks (floods, earthquakes and landslides). The Forum emphasised the importance of coordinated action between public institutions, insurers, scientists and businesses to improve prevention measures and reduce the long-term social and economic impacts of extreme natural events.
The Natural Risk Forum was first presented by Unipol in October 2025 as a national platform dedicated to advancing the analysis and governance of natural catastrophe risks in Italy, with the ambition of fostering a stronger culture of prevention, preparedness and resilience across society and the economy.
