NU Online News Service, March 4, 12:31 p.m.EST

Aon Benfield said assessinginsured losses from the latest Christchurch, New Zealand earthquakewill be “extremely difficult and complex” because of an earlierquake, known as the Darfield earthquake, that struck the sameregion in September 2010.

“The people of New Zealand were still coming to terms with thewidespread damage caused by last year’s Darfield earthquake,” saidSteve Jakubowski, president of Impact Forecasting, a part of AonBenfield, which publishes a monthly catastrophe report. The secondquake “has proved even more devastating both in terms of extensivestructural damage and its impact on human lives, due to itsshallower depth and epicenter located much closer to Christchurch,”he added.

The catastrophe report said the New Zealand EarthquakeCommission (EQC) has already received more than 31,500 insuranceclaims. That number is expected to increase. The EQC providescoverage of up to NZ$100,000 (US$73,385) for residential owners whopurchase fire insurance.

Aon Benfield said the New Zealand government puts the economicimpact of the temblor at NZ$10 billion to $15 billion (US$7.5billion to $11.3 billion). More than 160 people died, thousandswere injured, and others remain missing due to the earthquake.Catastrophe modeler AIR Worldwide said losses from the quake are expected to bebetween NZ$5 billion (US$3.5 billion) and NZ$11.5 billion (US$8billion). The estimate includes damage to property, contents anddirect business-interruption losses.

Though the magnitude 6.3 earthquake on Feb. 22 dominated themonth of February, other events in the United States and Australiacaused big losses.

Cyclone Yasi in Australia early in the month is estimated tohave caused about $800 million in economic damages, reported AonBenfield. The Insurance Council of Australia said more than $510million has been paid to policyholders, with more than 30,600claims filed.

AIR said insured losses from Cyclone Yasi in Australia will bebetween $354 million and $1.5 billion.

Aon Benfield said insurers have received more than 80,000 claimsrelated to a giant winter storm that affected more than half thecountry in early February. Losses have topped 400 million,according to the report.

AIR estimates insured losses from the massive winter storm tobe between $790 million and $1.4 billion.

Additionally, Aon Benfield said structural damage andbusiness-interruption claims were generated from winter weather inCanada and snow also damaged areas of South Korea, with anestimated economic impact of $69.6 million.

February also included flooding in the Philippines, a cyclone inAfrica, and deaths due to severe cold weather in Europe, AonBenfield said.