Cat bonds: why is the horse not drinking? A survey on the Italian companies’ market

Even if Italy is a country with a very high exposure to catastrophes, the diffusion of CAT Bonds and similar instruments is absolutely not wide among the companies. The paper investigates the demand side of the lack of diffusion of CAT Bonds in Italy from both the legal and the economic point of view. To give em- pirical evidence to the theoretical results, a survey is conducted on a sample of 647 Italian companies and economic operators of different sizes and industries poten- tially highly exposed to Catastrophes.