AIR Worldwide, a Boston-based catastrophe modeling firm, said yesterday the magnitude-8 earthquake Wednesday in Peru won't cause much in the way of personal insurance losses, but may hit commercial lines.

AIR said this morning that insured losses are not likely to exceed $1 billion. AIR warned that it is still in the very early aftermath and there remains uncertainty concerning the quake's actual parameters.

Oakland, Calif.-based EQECAT, said meanwhile that an evaluation of the EQECAT market portfolio with the EQECAT Peruvian earthquake model produces a total damage estimate ranging between 30 Billion and 60 Billion Peru Nuevos Soles (approximately $10 Billion and $20 Billion.

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