Pregledni rad
https://doi.org/10.3935/zpfz.76.1.4
Natural Catastrophe Risks in Insurance
Morana Derenčinović Ruk
; Adriatic osiguranje d.d., Zagreb, Hrvatska
Sažetak
The paper explores and analyses natural catastrophe risks in (property) insurance and defines the concepts of risk, climate risks, natural disasters and natural catastrophe risks, highlighting their specificities and characteristics, such as large-scale damage and the lack of a universal definition of natural catastrophe risk in insurance. Risk is analysed as a key element of an insurance contract regarding the Law on Obligations, which emphasises that risk must be future, uncertain and independent of the will of the contracting parties, but also as a central aspect of risk management under the Insurance Act, which has a different approach and involves identification, assessment, risk assumption, provisioning and risk reduction techniques. The paper proposes a definition of natural catastrophe risks in insurance and analyses the challenges in formulating and encompassing clauses on these risks in insurance contracts, considering potential problems in compensation of claims. It also shows how insurers must first identify and recognise risks and manage them, and then adequately describe them in the relevant clauses in the insurance contract. The paper investigates and compares the practice of Croatian insurers in contracting property insurance, covering basic and additional risks, and compares the results with practice in Germany and examples from some other countries. In addition, it addresses the specifics of natural disaster risk assessment, the insurance gap with its causes and possible solutions, and psychological and behavioural factors of individual behaviour, including the influence of previous experience and prevention. Particularly the paper highlights the complexity of natural catastrophe risk assessment for insurers, including financial implications and determining a reasonable premium, with the aim of contributing to better recognition, understanding, and regulation of these risks in the context of climate change and growing threats.
Ključne riječi
risk; climate risk; natural catastrophe; insurance contract; franchise
Hrčak ID:
347244
URI
Datum izdavanja:
19.5.2026.
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