Mid-May Italian flooding likely delivered €377m property insurance loss
Mid-May flooding in the northern Italian region of Emilia-Romagna likely rendered insured losses in property lines of business at €377 million, the Swiss-based nat cat counter Perils said in its initial tally of the event.
The total economic loss for the event is currently estimated by the Italian government to be close to €9 billion, with close to 50% attributable to damage to public infrastructure, Perils noted of the larger event.
After an extended period of severe drought, heavy rainfalls from May 2 to 22 led to catastrophic flooding predominantly in the Emilia-Romagna Region of north-central Italy. Rainfall intensified first on May 2 with local precipitation of up to 200mm in 24 hours, and again on 16 and 17 May with up to 300mm in 48 hours, with flooding more severe following that later intensification.
Perils CEO Luzi Hitz commented: “Reports show that insurance penetration in Italy for flood is low, particularly for homeowners and small commercial risks, compared to larger commercial and industrial risks.”
An updated estimate of the market loss from the Emilia-Romagna Floods will be made available on 22 August 2023, three months after the event end date.
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