Estimated property losses for 2016 Italy earthquakes jump
The final loss estimate for the series of earthquakes which impacted Central Italy between 26 and 30 October 2016 has been revised upwards by data provider PERILS.
The estimate of the property insurance market increased to €208 million, PERILS said on Oct. 26. This compares to an earlier loss estimate of €125 million issued by PERILS on 26 January 2017, three months after the event.
The series consisted of three major earthquakes with moment magnitudes of Mw 5.4, 5.9 and 6.5 according to the Italian Institute of Geophysics and Volcanology. They impacted the regions of Lazio, Marche and Umbria, and affected many of the areas which had been struck two months earlier by the Mw 6.0 earthquake of 24 August 2016.
Following the first Mw5.4 earthquake on 26 October 2016, the population of the affected region was evacuated to safe locations, reducing greatly the risk to life posed by the subsequent larger earthquakes. As a consequence, there were only three fatalities despite the massive destructive force of these earthquakes, in particular the Mw 6.5 occurring on Sunday morning of Oct. 30, 2016.
Get the latest re/insurance news sent to your inbox every day - Sign up to our free email newsletters
Other stories from Thursday's email newsletter
Munich Re to post €1.4bn loss in Q3, reveals nat cat hit
Arch strikes $368m indemnity ILS reinsurance deal
SCOR makes loss in Q3 due to nat cat hit
