Insurers may face $3.5-$8 billion New Zealand quake hit

The insurance industry faces damage claims of between $3.5 billion and $8 billion from Tuesday’s devastating earthquake around Christchurch, New Zealand, catastrophe modeling firm AIR Worldwide Corp. said. "The quake caused extensive damage in the city center and was the second major quake to strike the city in six months," Air Worldwide said in a statement on Wednesday.