As a result of accelerated climate change in the recent period, but also unexpected and unpredictable actions of natural forces, natural disasters occur. Natural disasters present a threat of the highest level for security of human life, but also a strong impact to the functioning of the economy in a way that disrupts economic activities or even completely disables them. Natural disasters often leave behind enormous material damage in the form of mutilation of the entire infrastructure, and it is in the collective interest to restore the damage as quickly as possible in order to return to a certain level of previous well-being. Since the restoration of damaged resources requires considerable costs, consequently there is a problem of taking responsibility and identifying those actors that should bear costs. The purpose of this paper is precisely to explore and present potential solutions and different models by involving the insurance sector, as an unavoidable stakeholder of the financial market with huge financial potential. The possibilities and effects of insuring the damage caused by natural disasters, the possibility of applying different techniques in these situations, mitigating the negative consequences of the resulting social and material burden for the wider community and the adequacy and effectiveness of the involvement of individual actors will be explored. The interaction among states, insurance sector and policy holders will also be researched in the form of risk sharing among them and the possibility of transferring existing practices that could maximize the usefulness of all parties, but also the real limitations and obstacles they face when creating solutions. By studying the mentioned topics, a kind of valorization of current applied models and sophisticated models whose potential applications exist in the Republic of Croatia will be made. Since the Republic of Croatia has been affected by earthquakes in the last year, this paper is highly topical, especially from the aspect of the possibility of inclusion of insurance sector in the process of taking the risk of future catastrophic events.