PERILS doubles loss estimates for Italy quake

Insured property losses caused by the earthquake that hit Central Italy on August 24 has reached €60 million in a revised estimate by PERILS, a provider of catastrophe insurance data.

PERILS had earlier estimated it to be around € 34 million, however the insured property market loss for damage caused by earthquake has doubled in the second estimate.

The company is expected to disclose its third estimate in February next year, and has confirmed that the current estimate and any other subsequent loss estimates will be provided in full resolution by CRESTA (Catastrophe Risk Evaluation and Standardising Target Accumulations) zone and by the property sub-lines residential and commercial.

The earthquake with magnitude 6.0 had caused severe damage to the areas of Amatrice, Accumoli and Arquata del Tronto.