Thursday, Nov 26th

Last update11:54:54 AM GMT

Italy earthquakes result in €5bn economic loss

Two deadly earthquakes that recently hit Italy’s Emilia-Romagna region have resulted in EUR5 billion (USD6.25 billion) economic loss, a catastrophe report by Aon Benfield has revealed.

This is just an initial combined economic loss estimate from both tremors, following significant damage in the provinces of Modena, Ferrara, Reggio Emilia, Rovigo and Mantua.

The two earthquakes and subsequent aftershocks struck northern Italy within a nine-day period, killing 25 people, injuring more than 400 others and causing extensive damage to the cultural heritage throughout the Emilia-Romagna region, in addition to businesses and personal property.

The report has been published by Impact Forecasting, Aon Benfield’s catastrophe model development center of excellence.

Steve Jakubowski, President of Impact Forecasting, said: "The Italian earthquakes resulted in the largest natural disaster loss for the country since the L'Aquila earthquake event in 2009. The seismic activity was not unexpected, as Italy has long been recognised as a region exposed to the possibility of significant earthquake activity. Given the level of insurance coverage in the region, it is anticipated that insured losses would reach minimally into the hundreds of millions of dollars (USD). However, it remains too early to determine how negligible re/insurance losses may be from this event."

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