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.