NU Online News Service, Sept. 10, 11:42 a.m. EDT

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.

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