PORT-AU-PRINCE, Haiti—A magnitude 7.0 earthquake that collapsed buildings and reportedly has killed hundreds of thousands in Haiti has resulted in “hundreds of millions” of dollars in economic losses, with insured losses not yet determined, a risk modeling firm said.

The epicenter of the Tuesday quake was inland, about 10 miles from Haiti's capital of Port-au-Prince. Two quakes followed the initial temblor, along with dozens of aftershocks, some reaching magnitude 5.9, according to reports.

Insured loss estimates were not available immediately, risk modeler EQECAT Inc. said in a statement.

The Haitian city of Carrefour is expected to be affected by the ground motions. Between Carrefour and Port-au-Prince, nearly 2 million people were affected by the earthquake, EQECAT said.

The death toll is in the hundreds of thousands, according to press reports.

Buildings in the region tend to be built with heavy materials such as concrete and masonry, and few were built with the reinforcement needed to resist an earthquake, according to Oakland, Calif.-based EQECAT.

With widespread building collapses, economic damages in the quake are estimated to be in the “hundreds of millions of dollars,” EQECAT said, noting that “even well-designed buildings could expect damage from this event.”