New Zealand Earthquake Insured Losses Could Be $3.5 Billion

The estimate from catastrophe modeling firm AIR Worldwide is for at least $762 million in losses but the damage to homes, business and infrastructure could be much higher. A full assessment is being hampered by continued poor weather in the region. “More than 80,000 landslides and 2,600 aftershocks have been recorded following the massive earthquake that struck New Zealand’s South Island early this week,” said Dr. Bingming Shen-tu, assistant vice president at AIR Worldwide. “The temblor was the largest experienced by the country since the 2009 M7.8 Dusky Sound earthquake and one of the four most powerful since 1855. Recovery efforts in the region have been additionally hampered by gale-force winds, heavy rainfall, and flooded roads.”