On December 12, 2007, there was a fire in an industrial plant in Turin that was owned and managed by ThyssenKrupp Acciai Speciali Terni S.p.a. (ThyssenKrupp), an Italian subsidiary of ThyssenKrupp Stainless group. The violent fire occurred in a cold annealing and pickling line, called APL5, where there is typically a significant amount of lubricant oil and paper, as well as sparks generated by the plant’s industrial process.

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Guy Carpenter issued its semiannual analysis of key European legislative developments affecting the casualty insurance industry. Produced in collaboration with law firm Heuking Kühn Lüer Wojtek and its network of legal experts across Continental Europe, the report, Recent Legislative and Judicial Developments in Continental Europe Affecting the Casualty Insurance Industry, analyzes the most impactful and significant legislative changes and judicial developments across 11 jurisdictions, which include:

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A strong 6.0Mw earthquake hit northern Italy at 02:03 UTC (04:03 local time) on May 20, causing severe shaking in the Emilia Romagna region and surrounding areas. Damage has been reported across Emilia Romagna, particularly to historic buildings, commercial properties and agriculture in towns and cities close to the earthquake’s epicenter. According to the U.S. Geological Survey (USGS), the epicenter was within 10 kilometers (6 miles) of the towns of Camposanto, San Felice sul Panaro, Finale Emilia and Crevalcore, and it was also centerd a shallow 5.1 kilometers (3.2 miles) underground. Shaking was felt in the nearby city of Bologna and as far away as Milan and Venice, but no major damage was reported here.

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David Lewin, Managing Director
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EU Directive and Italian Statutory Provisions

With EU Directive n.35/2004 on Environmental Liability (ELD), the European legislator aimed to establish a harmonized legal framework based on the principle that “the polluter pays.” The main objective of ELD is to prevent and remedy environmental damage, which is defined as damage to protected species and natural habitats (nature), damage to water and damage to land (soil).

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Guy Carpenter published its semiannual report on key legislative developments in Europe affecting liability insurers and reinsurers. A number of these developments underscore the challenges in adapting local legislation and jurisprudence to European Union (EU) and international law.

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Reinsurance rates generally were flat year over year at the January 1, 2012, renewal. Motor was the lone exception, with reinsurance rates up 5 percent from a year ago. For 2012 the outlook is relatively stable. Developments in the motor business, which accounts for 50 percent of property and casualty premiums, also have led to a broader improvement in the insurance industry throughout the country.

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At least six people died after a luxury cruise ship carrying 4,229 passengers and crew ran aground off the Italian west coast on January 13 in calm weather conditions. Italian, Spanish, German, French, British and American nationals were reported to be among the 3,200 passengers on board the vessel. The 290-meter-long Costa Concordia was on a trip around the Mediterranean when it hit rocks near Isola del Giglio off the Tuscan coast, ripping a hole in its hull and prompting a major rescue operation. A large gash can be seen in the ship’s hull but officials said its fuel tanks did not appear to have been damaged, lessening the danger of an oil spill.

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A broad diversity of topics is investigated in our latest update:

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David Lewin, Managing Director
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Introduction

Italy has recently enacted a statute (D.Lgs.28/2010) introducing mediation as a means to resolve the controversies arising from insurance contracts and some other specific matters. The main features of the mediation procedure are the following:

Mediator

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Torrential rainfall across northern and central Italy and southeastern France has triggered widespread flooding, killing at least 11 people and causing damage to property and infrastructure. Reports said the heavy rainfall caused rivers to burst their banks and forced thousands of people to evacuate their homes. The Italian city of Genoa was badly hit on November 4 after more than 350 millimeters of rain fell in six hours. Authorities in Italy have issued fresh flood alerts and are warning thousands more people will be at risk if the flooding continues.

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