NU Online News Service, Feb. 22, 11:01 a.m. EST
As insurers report high losses and increased loss estimates from the last New Zealand earthquake, another temblor has rocked the same area.
Catastrophe modeler EQECAT put a damage estimate of more than $1 billion on Monday afternoon's magnitude 6.3 earthquake near Christchurch, New Zealand.
EQECAT put losses from a September quake, also in Christchurch, at up to $2.5 billion.
The recent earthquake knocked down structures that did not collapse in September, EQECAT reported.
The modeler said the damage from the last earthquake was only partially repaired, which actually may have left some buildings in a vulnerable position when the recent earthquake struck on Feb. 22, local New Zealand time. These factors make estimating damages challenging, EQECAT said.
The epicenter of the shallow quake is reportedly within the city limits of Christchurch. A 5.6 aftershock followed the initial quake.
Losses related to the September earthquake drove down fourth quarter results for PartnerRe while Omega Insurance Holdings drastically upped its loss estimates. Munich Re said losses from the earlier quake were $464 million.
Modeler Risk Management Solutions (RMS) said about two-thirds of the total insured loss from the Sept. 4 earthquake was to be paid by the country's Earthquake Commission, which provides coverage of up to $73,385 (NZD $100,000) per building for residential owners who purchase fire insurance.
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