Insured Losses from Italy’s October Earthquakes Estimated at $33.3M: PERILS

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Insured Losses from Italy's October Earthquakes Estimated at .3M: PERILS insurance

The initial estimate of the property insurance market loss from the series of earthquakes that hit central Italy in October is €31 million ($33.3 million), according to PERILS, the independent Zurich-based organization that provides industry catastrophe insurance data.

Three major earthquakes with magnitudes of Mw 5.4, 5.9, and 6.5 struck central Italy between Oct. 26 and Oct. 30, said PERILS, quoting the Italian National Geophysical Institute (INGV). These quakes hit the regions of Lazio, Marche and Umbria and affected many of the areas that had been struck by the Mw 6.0 earthquake of Aug. 24, 2016.

The area of damaging shaking intensities was considerably larger than that experienced during the August earthquake, due primarily to the large magnitude of the earthquake which occurred on Oct. 30, said PERILS, noting that this earthquake was felt throughout Italy and in parts of Austria and the Balkan States across the Adriatic Sea.

Following the first Mw5.4 earthquake on Oct. 26, the population of the affected region was evacuated to safe locations, which reduced risk to life from the subsequent earthquakes. Indeed, PERILS said, there were only three fatalities despite the massive destructive force of these quakes.

In line with the PERILS loss reporting schedule, the second loss estimate will be published on Jan. 26, 2017.