On 7 July 2025, the natural catastrophe insurance pool came into operation as an autonomous legal entity and operational hub for Italian insurance companies in the management of catastrophic risks. The creation of the pool marks a watershed moment, enabling the domestic insurance market to meet newly introduced legal obligations through collective risk mitigation and transfer mechanisms. The pool is structured as a consortium with legal personality, but without independent underwriting capacity: it neither retains risk nor capital and operates solely in the name and on behalf of its member companies. Membership of the consortium is voluntary, but companies representing approximately 75% of the Italian market have already joined. Risk transfer will be based on a 'pure premium' principle, with each company free to determine its own commercial premium. In a context where mandatory coverage could generate pricing imbalances and opportunistic behaviour, the consortium model allows for the harmonisation of underwriting practices, contract structures, and strategic approaches. The natural catastrophe pool marks the beginning of a new, structured, and collaborative approach to managing systemic risk.