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Italian lightning 

When someone sets fire to their property or business to collect the insurance money - arson. Usually with a belief of mafia involvement
Did you see the pizzaria burnt down. Business was bad, it must have been hit by Italian lightning

italian lighting 

When one sets fire to his/her property to collect the insurance money.
Person 1---Holy shit..did you see that fire?

Person 2--Yeah it looks like it was hit with some italian lighting.