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
On July 1st 2018, changes to NTI‘s legislation took effect, that were approved by the Icelandic Government in May 2018. The new version of the legislation can be found on pages 17-19. A review of NTI‘s Act had been ongoing since 2011 with the participation of a wide range of stakeholders. The review aimed to clarify NTI‘s role, i.e. that NTI provides compensation for damages occurred due to a natural catastrophe.