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Seismic hazard estimations are compared using two approaches based on two different seismicity models: one which models earthquake recurrence by applying the truncated Gutenberg-Richter law and a second one which smoothes the epicentre location of past events according to the fractal distribution of earthquakes in space . The first method requires the definition of homogeneous source zones and the determination of maximum possible magnitudes whereas the second method requires the definition of a smoothing function. Our results show that the two approaches lead to similar hazard estimates in low seismicity regions. In regions of increased seismic activity, on the other hand, the smoothing approach yields systematically lower estimates than the zoning method. This epicentre-smoothing approach can thus be considered as a lower bound estimator for seismic hazard and can help in decision …