Greek Quake Loss Seen As Light

A spokesperson for a risk modeling firm said that losses are not expected to be high from yesterday's earthquake, which hit the western portion of Greece.

Newark, Calif.-based Risk Management Solutions reported that the quake was a strong magnitude 6.1 (moment magnitude) that hit at 3:26 p.m. local time. Spokeswoman Jackie Barber said the firm at this point does not expect to report on insured losses as they are believed to be light.

Preliminary reports from the U.S. Geological Survey put the epicenter around 20 miles southwest of Patras and 125 miles west of Athens, with a depth of 6.2 miles.

A statement from Andrew Sorby, RMS model manager for Europe, said, “Reports indicate that the earthquake was felt as far away as Athens and southern Italy. There have been numerous aftershocks, the largest of which was a magnitude 4.7, and we may see more in the next few days.

“The earthquake has caused serious damage across a wide area. Accounts suggest that at least 70 buildings have been destroyed, with 30 suffering severe damage and a further 230 sustaining cracking or light damage.”

Mr. Sorby said the worst affected settlements include the villages of Valmi, Fostaina and the town of Kato Achaia where there were two reported fatalities and numerous injuries.

RMS reported that other earthquakes to have affected this part of Greece include the M6.0 Kyllini earthquake in 1988 and an earthquake in 1806 in Patras, which caused 53 fatalities.

According to the firm, Greece and the surrounding region is the most seismically active part of Europe. The region is part of a broad and complex boundary zone between the Eurasian, African and Anatolian Plates.