Natural Catastrophe Insurance of Iceland (NTI)
Natural Catastrophe Insurance of Iceland (NTI) is a government institution and functions as an insurance company. Catastrophe insurance is compulsory for all buildings as well as for contents insured against fire and government owned lifelines (infrastructure). Direct physical losses resulting from earthquakes, volcanic eruptions, avalanches, landslides, rock falls and riverine-, costal- and glacial floods are covered by the insurance.
The catastrophe cover is a stand-alone policy with a single premium of 0.025% for properties and contents and 0.02% for infrastructure. A deductible of 2% for each loss as well as a minimum deductible is applied.
Iceland News adn Events
News and Events
16 August 2023
Iceland's meteorological office on Wednesday declared that the volcanic eruption near the country's capital Reykjavik was officially over as no activity had been observed for 10 days.
10 August 2023
The Icelandic Met Office has updated the hazard map for the eruption site. The vicinity of the eruption area is still dangerous. High temperatures characterize the lava field. The solidified crust can be very thin in places with very hot and molten lava underneath. The edges of the new lava field are unstable and large chunks of lava can fall sudden. As a result of past activity there are fractures in the area that pose danger. The new lava continues degassing and hazardous gases can collect in depressions.
24 July 2023
The country’s volcanic peninsula has been dormant for centuries. But experts say the tectonic shifts behind the recent eruptions and earthquakes are a long time coming.
On July 10, 2023, a fissure eruption started on the Reykjanes Peninsula northwest of the sites of the 2021 and 2022 eruptions in Fagradalsfjall, at Litli-Hrútur hill. The Litli-Hrútur eruption has now been declared over. No activity has been in the crater since August 5 and no lava is running. It is important to keep in mind that the area is still an active site and not a safe zone.
Catastrophe excess of loss programme.