Catastrophe modeler AIR Worldwide said insured losses will be between $762 million and $3.5 billion from the powerful South Island, New Zealand earthquake on November 14.
The estimated cost translates locally to between NZD 1.15 billion and 5.3 billion.
“More than 80,000 landslides and 2,600 aftershocks have been recorded following the massive earthquake that struck New Zealand’s South Island,” said Bingming Shen-tu, assistant vice president at AIR Worldwide, in a statement. He said recovery efforts in the region were troubled by gale-force winds, heavy rainfall, and flooded roads.
The 7.8 magnitude quake was one of the four most powerful in New Zealand since 1855, and was the largest earthquake since one of similar magnitude in Dusky Sound in 2009.
AIR Worldwide reported that the small tourist town of Kaikoura was cut off by landslides and lost power, its water supply and sewage system. Here, in the epicenter of the temblor, the seabed raised up to 2 meters in places.
This story in an excerpt of the original. The content originally appeared in Professional Front Page News.
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Chad Hemenway is Managing Editor of Advisen News. He has more than 15 years of journalist experience at a variety of online, daily, and weekly publications. He has covered P&C insurance news since 2007, and he has experience writing about all P&C lines as well as regulation and litigation. Chad won a Jesse H. Neal Award for Best Single Article in 2014 for his coverage of the insurance implications of traumatic brain injuries and Best News Coverage in 2013 for coverage of Superstorm Sandy. Contact Chad at 212.897.4824 or [email protected].
