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PERILS estimates insured loss from central Italy earthquake at €34M

An earthquake that hit central Italy on Aug. 24 causedinsured property market losses of €34 million, according to PERILS AG's firstloss estimate for the catastrophe.

The earthquake left 298 people dead, the vast majority in thesmall towns of Amatrice, Accumoli and Arquata del Tronto.

"Earthquake insurance penetration varies greatly inItaly. As a general rule, insurance penetration is driven by economic activity.It is therefore not a surprise that the insured losses from the Amatriceearthquake, which hit a remote area in the central Apennine mountain range, arecomparatively low," said PERILS CEO Luzi Hitz.

The next report on losses from the earthquake is due to bereleased Feb. 24, 2017.

Aon previously said in a note that there is a 62% likelihood ofeconomic damages exceeding $1 billion, and a 21% likelihood of losses coming inbetween $10 billion and $100 billion.