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A 7.5 magnitude quake rocked New Zealand early Monday, killing at east two people, causing widespread damage, and closing schools and businesses around the country.

Catastrophe risk modeler EQECAT says the latest earthquake in Christchurch, New Zealand is expected to cause an additional $3 billion to $5 billion in insured losses.

Lloyd’s says its 2010 before-tax profits dropped nearly 42 percent to £2.19 billion ($3.44 billion at current exchange rate) compared to £3.87 billion ($5.9 billion) in 2009.

Day two following the devastating earthquake in New Zealand's second largest city, Christchurch, brings forth even more disturbing images of destruction.

Insurance broker and risk advisor Marsh Inc. said its office in Christchurch, New Zealand was among the many buildings that collapsed during Monday’s earthquake.

Images of the devastation wrought by the earthquake that occurred in New Zealand on Feb. 22, 2011, show a scene of complete destruction and devastation.

As insurers report high losses and increased loss estimates from the last New Zealand earthquake, another temblor has rocked the same area.

Catlin Group Limited said it has increased its estimated losses from the Sept. 4 New Zealand earthquake by $10 million.