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23 November 2014
Risk modeller Eqecat has more than doubled its estimates on insured losses in northern Italy, following two damaging aftershocks a week after the May 20 earthquake.
Eqecat estimates $US375-875 million ($385-$898 million) in insured losses. The previous estimate was $US127 million ($131 million).
More information on insurance values in the region along with losses from the aftershocks have caused the increase, says Eqecat. There are also “increased vulnerabilities” of structures already affected by the May 20 quake.
Fourteen people have been killed and authorities are warning of possible further damaging aftershocks.
Risk Management Solutions says full-value earthquake policies are exceptionally rare in Italy. If offered at all, most policies have limits between 20% and 50% of the sum insured, it says.
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