Italian earthquake causes $6.25 billion in economic losses: Aon Benfield

Earthquakes that devastated northern parts of Italy caused $6.25 billion in total economic losses, but the insured damages are still being tabulated, notes a recent catastrophe report from Aon Benfield.

“The Italian earthquakes resulted in the largest natural disaster loss for the country since the L’Aquila earthquake event in 2009,” says Steve Jakubowski, president of Impact Forecasting, which conducted the research on behalf of Aon Benfield for its May Global Catastrophe Recap.” Given the level of insurance coverage in the region, it is anticipated that insured losses would reach minimally into the hundreds of millions of dollars (USD). However, it remains too early to determine how negligible re/insurance losses may be from this event.”

The earthquakes and aftershocks struck the Emilia-Romagna region of Italy, killing 25 people and injuring more than 400. It also caused major damage to business and personal property.

In other catastrophe news, Aon Benfield reports that widespread hail and windstorm activity in the United States in two stretches of May caused $675 million in insured losses in various states.

Earlier in the month, a storm that swept through an area from the Dakotas to Maryland resulted in $275 million in insured losses, while $400 million in insured damage was recorded in Oklahoma due to a storm at the end of the month.

Flooding in Thunder Bay, Ontario was also noted in the catastrophe report. Damage to more than 1,100 properties, businesses and infrastructure in the region suggests losses in the neighbourhood of million of dollars, according to Aon Benfield.