Insured Loss Estimate for Italy’s October Quakes Hits $134.2M: PERILS

PERILS AG has disclosed its second loss estimate for the series of earthquakes which hit Central Italy between Oct. 26 and Oct. 30, 2016.

Affecting the regions of Lazio, Marche and Umbria, the series included three major earthquakes with moment magnitudes of Mw 5.4, 5.9, and 6.5, according to the Italian National Geophysical Institute.

The revised estimate of the property insurance market loss is €125 million (US$134.2 million), said PERILS, the independent Zurich-based organization that provides industry catastrophe insurance data. This compares to the initial loss estimate of €31 million (33.3 million) which was issued by PERILS on Dec. 7, 2016.

As the industry loss is below €200 million, PERILS said it will not release a loss update six months after the event, but instead will issue its next loss estimate on Oct. 26, 2017. This will provide the loss data in full resolution, i.e. by CRESTA zone and by the property sub-lines Residential and Commercial, PERILS said in a statement.

Subscribers to the PERILS Industry Exposure & Loss Database can find more information about this earthquake series in the “Industry Loss” section of the PERILS Portal.