On 28 October 2022, the Bank of Italy hosted a conference on 'The effects of climate change in Italy, adaptation strategies and the role of insurance companies' at its Venice branch in Palazzo Manin Dolfin. The event was held in partnership with IVASS and the Venice Sustainability Foundation. Speakers included experts from Ca' Foscari University, the Euro-Mediterranean Center on Climate Change, local institutions, ANIA and leading insurance companies (Generali, Unipol and Reale Group).
The first session focused on climate change, its impact and adaptation strategies. After discussing the biggest physical risks to Italy and their economic repercussions, participants analyzed the main adaptation strategies, including insurance coverage, and presented case studies on specific risks and categories.
In the second session, on the insurance market and the role of Venice, a number of industry players offered their perspective as insurers. More specifically, they illustrated the tools and models used to estimate climate risk, the key issues in the market, and the role that insurance companies can play in mitigating these threats. The second roundtable focused on the role of public institutions, namely the Municipality of Venice, in promoting sustainability initiatives.
Paolo Angelini, Deputy Governor of the Bank of Italy, delivered the closing remarks.
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