Insured losses from the May 20 earthquake in Italy’s northern Emilia-Romagna region are estimated at $US127 million ($131 million).

Risk modeller Eqecat says insured losses are unlikely to exceed the $US251 million ($258 million) of the L’Aquila earthquake in 2009, due to a lower magnitude and a smaller affected population.

The affected area is about 35km north of Bologna. There have been few deaths, but aftershocks have been described as “significant”. Thousands of residents have been evacuated.

Eqecat estimates that losses have mainly been from older brick masonry buildings that were not reinforced. Some historic public buildings, factories and warehouses were destroyed.

Insurance loses are expected to stem mainly from commercial properties.