Up to EUR200m earthquake loss for Italian insurers
Saturday, 08 27 2016, Category: Nature, Country: Europe
Fitch Ratings has estimated that Italian insurers will only face a loss of between EUR100m and EUR200m, with reinsurance capital paying for the majority of claims, from this week’s magnitude 6.2 earthquake, far below the estimated figure of an $11 billion economic loss.
The Italian Civil Protection Department suggested that this week’s devastating earthquake in Italy, near the Umbrian town of Norcia, could result in economic losses of around $11 billion.
The insurance and reinsurance industry loss was always set to be much lower, with earthquake coverage in the Italian non-life industry only around 2%, or perhaps even a bit lower.