Latest New Zealand quake causes up to $5B in damage: EQECAT

CHRISTCHURCH, New Zealand—Another powerful earthquake occurred near Christchurch, New Zealand, causing billions of dollars of insured damage in an area already reeling from a string of devastating quakes in the past nine months.

Oakland, Calif.-based catastrophe modeler EQECAT Inc. estimated the insured damage from Monday’s earthquake at $3 billion to $5 billion. The magnitude 6 quake struck Monday afternoon.

Its recorded epicenter was six miles southeast of Christchurch’s central business district, where about one-third of the buildings were destroyed in a magnitude 6.1 earthquake that occurred Feb. 21.

In a statement, EQECAT said buildings that were damaged in the February event suffered further damage in Monday’s quake, and there have been reports of newly collapsed buildings in the district.

EQECAT said the quake caused disruptions to electrical, gas and water utilities amid near-freezing overnight temperatures and also affected some roadways. The earthquake was preceded by at least one smaller tremor, recorded at magnitude 5.2.

15th quake since September

Monday’s event was the 15th earthquake to strike the northern area of New Zealand’s South Island since Sept. 3, 2010, when a magnitude 7 quake in rural Darfield caused an estimated $4 billion to $6 billion in insured damage.

The Feb. 21

earthquake in Christchurch’s central business district caused $8 billion to $12 billion in insured damage, EQECAT said.