Potential increase of litigation against insurance companies in Italy

Available languages: IT

With the decision n. 3133/2011 issued by the Court of Bologna at the end of 2011, an insurance company has been condemned to refund the indemnities paid by a financial institution against the investors who bought Parmalat and Argentinian bonds.

According to the decision of the Court of Bologna, the intermediary activity falls within the professional
liability covered by the policy against professional risks, whenever in force.

The Court has also stated that the circumstance that the bank accepted to enter into a settlement agreement with the investors has not affected the right to be indemnified of the sums paid, considering that the amount paid in favor of the investors was far below the value of the bonds and that the insurance company could have in any case, profited of the benefits of a potentially favorable transaction.

This decision is very important because in the future any insurance company could be joined in the
contentious proceeding between the banks and the investors for issues relating to risky economic

To be noted that all the claims involving insurance companies must be preceeded by a compulsory mediation attempt. It is therefore predictable that the insurance companies will see a raise in the cases involving banks and more generally financial institutions.