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Losses from a magnitude 6.3 earthquake that struck Christchurch, New Zealand Feb. 21 (Feb. 22 local time) could total as much as $12 billion, according to one estimate cited in a note to clients from a JP Morgan Chase & Co. analyst.

If losses reach that high for the quake, the second to hit the city in six months, it would fall within the Top 10 most costly world insurance losses since 1970.

Catastrophe modeler AIR Worldwide said losses from the magnitude 6.3 earthquake are expected to be between $3.5 billion and $11.5 billion. The estimate includes damage to property, contents and direct business-interruption losses.

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