Latest Christchurch earthquake caused an additional $3 to $5 billion in insured losses

On June 13, a magnitude 6.0 earthquake occurred near Christchurch, New Zealand. It was the latest in a string of temblors to hit the area; on September 3, 2010, a magnitude 7.0 quake ravaged the city and on February 21, 2011, a magnitude 6.1 quake further devastated the city. Eleven magnitude 5.0 or higher quakes have hit the area since September 3.

This latest earthquake is affecting an area already significantly damaged by earlier earthquakes, says catastrophe modeler EQECAT. The larger, distant M7 Darfield earthquake in September caused an estimated $4 to $6 Billion USD in insured losses, while the urban M6 earthquake in February caused an estimated $8 to $12 Billion USD in additional losses. The February event destroyed an estimated one-third of the buildings within the Christchurch CBD.

The June 13 earthquake is likely to have caused from $ 3 to $5 billion US in losses, says EQECAT, though it is not likely it has caused significant damages to buildings unharmed by the February quake.

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