Global insurer Generali and Conferenza Episcopale Italiana (CEI) have partnered to launch a new parametric insurance solution to protect parish entities in Italy’s 226 dioceses from the impacts of natural catastrophes.
The program has been designed to protect religious buildings and churches, in over 25,000 parishes, in the event of losses from natural disasters—earthquakes, floods, and heavy rainfall.
Unlike traditional insurance, which requires a detailed damage assessment before paying out, parametric insurance triggers a predetermined payout when a specific event occurs, such as an earthquake of certain magnitude or a flood reaching a specific water level.
This approach helps accelerate the recovery process and provides quicker financial relief.
Cardinal Matteo Zuppi , Archbishop of Bologna and President of the CEI, emphasized: “ We are grateful to Generali for its willingness to develop, together with the Italian Episcopal Conference, a virtuous model of collaboration for parishes. In recent years, several places of worship, pastoral ministry buildings, and rectories have been severely damaged by catastrophic events. Preserving our heritage is dear to us, despite the great difficulties and limited resources available, because it is for everyone; it is our roots.
“The agreement signed is intended to be an effective response to the needs of our communities. Buildings are not simply structures; they represent our history, and we want them to also be our future. From this perspective, the agreement with Generali represents an important contribution to the common good .”
This new product is considered the largest earthquake parametric insurance treaty in the country, and a groundbreaking public-sector solution for cultural preservation.
Giancarlo Fancel , Country Manager and CEO of Generali Italia, stated: “At Generali, we have always supported communities and regions as a solid partner for the country. This agreement with a major institution like the Italian Episcopal Conference, made possible thanks to the specific characteristics and expertise of our Religious Entities and Third Sector Business Unit, allows us to make our wealth of experience, expertise, and values available to the country system, to respond with innovative tools to the major environmental and social transformations underway.”
“At Munich Re we offer our solutions globally, always considering the exact local requirements and tailoring our solutions to fit our clients’ needs. We are very pleased with this program and the productive collaboration with Generali,” said René Mück, Global Head of Parametric NatCat.
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