Iceland
Iceland Title
Natural Catastrophe Insurance of Iceland (NTI)
Iceland Description
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
3 March 2025
Events where flooding from the ocean suddenly reaches land and causes damage or destruction to insured property are considered natural disasters that NTÍ insures against, and therefore the damage that occurred in the weekend's sea floods will be examined and assessed by NTI and a decision will be made regarding liability for compensation.
27 November 2024
Althingi recently approved an amendment to the Act on the Natural Catastrophe Insurance of Iceland (NTI) which authorises the agency to temporarily increase premiums by 50%.
4 June 2024
The Natural catastrophe insurance of Iceland (NTÍ) and Þórkatla have agreed on the prioritization of issues in Grindavík. Some of the houses that Þórkatla has bought in recent weeks in Grindavík have been damaged by the earthquakes. The purchase of around 720 residential buildings has been approved and a considerable part of them will have to go through a damage assessment by NTÍ, and some have already gone through such an assessment.
https://www.almannavarnir.is/english/