EQECAT Narrows NZ Quake Insured Loss Estimate

Modeler EQECAT said it updated its loss estimation and now predicts between $1.5 billion and $2.5 billion in total insured losses from the recent magnitude 7.1 earthquake in New Zealand last Saturday. Most of the losses will be paid by residential insurers, with between $1.3 billion and $2 billion in losses expected. Another $200 million to $500 million in insured losses are expected for commercial insurance companies, EQECAT said.