Zurich - 26 Jan 2017
PERILS discloses second loss estimate for the October 2016 earthquake series in Central Italy of EUR 125m
PERILS AG has today disclosed its second loss estimate for the series of earthquakes which hit Central Italy between 26 and 30 October 2016. Impacting 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 EUR 125 million. This compares to the initial loss estimate of EUR 31 million which was issued by PERILS on 7 December 2016.
As the industry loss is below EUR 200m, PERILS will not release a loss update six months after the event, but instead will issue its next loss estimate on 26 October 2017. This will provide the loss data in full resolution, i.e. by CRESTA zone and by the property sub-lines Residential and Commercial.
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.