New Zealand Quake Est. At Close To $200M

Insurance losses from an earthquake that struck New Zealand last week are estimated to run at less than $200 million, according to a loss modeler.

Boston-based AIR Worldwide, a subsidiary of Jersey City, N.J.-based Insurance Services Office Inc., estimated that a strong earthquake that struck New Zealand on Dec. 20 would amount to less than $250 million New Zealand dollar (U.S. $192 million at the current exchange rate) in insured losses.

The 6.6 magnitude quake on the Richter scale struck 30 miles east-southeast of Gisborne, New Zealand, according to the U.S. Geological Survey. The quake's epicenter was located out in the ocean.

The quake struck around 7:55 p.m. local time, which was around 2:55 a.m. EST.

"Damage to commercial buildings included broken plate glass windows, downed awnings and collapsed ceilings," said BingMing Shen-Tu, project manager at AIR Worldwide. "Inside, shelves toppled over and smashed goods littered the floors of many shops. Numerous store owners have reported content damage in the tens of thousands of New Zealand dollars."

AIR said representatives of New Zealand's insurance industry expect that insured losses will be significantly less than those incurred after the 6.3 Edgecumbe earthquake that occurred in 1987.

Since Thursday, there have been a number of aftershocks that have hit Gisborne, according to press reports. There were no reported injuries or fatalities from the quake.