The Italian commercial insurance market is reaching \u201cequilibrium\u201d after recent hardening, but members of the country\u2019s risk management association Anra are still struggling to get capacity in some key lines and, in particular, find support for emerging risks and technologies, its president Carlo Cosimi told Commercial Risk Europe.\r\n\r\nCosimi also said that claims remain an issue for Italian insurance buyers, and explained that Anra and its members will need to focus on geopolitical risks next year.\r\n\r\nHe said the Italian commercial insurance market is finding a \u201cnew equilibrium after recent years of hard trading\u201d. But he added that some lines of risk, such as professional liability and cyber, are still difficult to cover.\r\n\r\n\u201cIn many cases, you find yourself with little available capacity and little appetite from the insurance markets,\u201d he said.\r\n\r\nAnd Cosimi, who is also head of group risk and insurance at Italian multinational engineering group Maire Tecnimont, said there are concerns among Italian buyers about claims litigation from insurers and that the time taken to settle losses remains \u201cvery high\u201d.\r\n\r\nCosimi said Anra members are very concerned about emerging risks and the fact insurers are not coming up with risk transfer options fast enough.\r\n\r\n\u201cThe main concern for these risks lies in the lack of adequate insurance responses to the rapid changes and crises taking place. Another element of concern is that insurance coverage is also lagging in adapting to rapid technological advances and new underlying business models,\u201d he said.\r\n\r\nIn addition, the market for nat cat coverage in Italy is currently in a state of \u201cgreat ferment and evolution\u201d after recent regulatory changes made such protection mandatory next year, said Cosimi. This move came after recent disasters in Italy were left underinsured.\r\n\r\nFrance introduced captive legislation at the start of this year, with the support and encouragement of the country's risk management association Amrae, to better enable French companies to set up the risk management tools at home. Other risk management associations around Europe would like to see similar rules introduced in their country and there is discussion at government level in some.\r\n\r\nAnra would clearly be keen on captive legislation in Italy, with government\u2019s current focus on ensuring nat cat risks are better managed and transferred potentially opening the door to further to discussions.\r\n\r\n\u201cWe hope that the element of self-financing of risks through captives can also be taken into account in the future. We are and will be happy to be able to collaborate as Anra on these points,\u201d said Cosimi.\r\n\r\nSustainability was the big issue for Anra this year and focus of its annual conference. Attention will turn to geopolitics next year, said Cosimi.\r\n\r\n\u201cThe central theme for 2024 will be geopolitical risks as we are experiencing two major international tensions and dozens of regional conflicts,\u201d he explained.\r\n\r\n\u201cThe world is trying to find new geopolitical balances and the US presidential elections may affect these dynamics,\u201d he added.