Despite their growing intensity and the enormous costs, adverse meteorological events are still perceived as “exceptional”. Among the adverse weather events, the management of drought risk plays a key role due to the more pressing problem of the scarcity of water resources. In this context, agricultural insurance can represent a financial and risk mitigation tool for farmers. In this perspective, the aims of this study are: (1) to analyze, through a systematic review, the main findings of the scientific literature focused on the empirical and theoretical approach to the relation between adverse weather events in agriculture, risk and insurance; (2) to collect agroclimatic and insurance data for each Italian province for the period 2004-2011, (3) to measure the influence of climatic agroclimatic variables on insurance variables, i.e. Total Premiums, Insured Value and Certificates.