Italy - October earthquakes unlikely to impact insurers
Wednesday, 11 02 2016, Category: Nature, Country: Europe
Italian insurers’ ratings are likely to be unaffected by the earthquakes that struck central Italy recently, according to a Fitch Ratings report.
A magnitude 6.6 earthquake that hit Italy on October 30 was the strongest in over 30 years in the country, according to catastrophe modelling firm AIR Worldwide. It was followed by seven magnitude 4.0 earthquakes or greater.
The report, titled “Fitch: limited impact from earthquake for Italian insurers”, noted that Italy has declared a state of emergency in the region hit by the earthquakes meaning that certain losses will be covered by a state fund for emergencies, limiting losses for insurers.
Source: Intelligent Insurer