(Bloomberg) -- The magnitude 6.2 earthquake that struck Italy’s Umbria region this week, killing at least 250 people, is estimated to have cost the country anywhere from $1 billion to $11 billion in economy-related losses. The insurance bill will be a lot lower.

The level of property and casualty cover taken out by Italians is among the lowest of the industrialized countries. In 2014, insurance as a proportion of gross domestic product in the country was 1.9 percent, according to data compiled by Swiss Re AG. That compares with 3.3 percent in France, 3.4 percent in Germany and 8.1 percent in the Netherlands, separate data from PricewaterhouseCoopers show.

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