Up to $3.5 Billion in Insured Losses from New Zealand Quake: AIR

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.

Read more at http://www.advisenltd.com/2016/12/01/%243.5billion-insured-losses-new-zealand-quake/

Chad Hemenway, Up to $3.5 billion in insured losses from New Zealand quake: AIR (December 1, 2016), available with subscription at Advisen Professional Front Page News.