A series of earthquakes striking near Christchurch, New Zealand on June 13 is expected to cause an additional $3 billion to $5 billion in insured losses, according to the catastrophe modeler EQECAT.
The U.S. Geological Survey describes the quakes as "aftershocks," following a Magnitude 7 earthquake that struck the area on Sept. 3, 2010.
Eleven Magnitude 5 events have occurred since the September 2010 quake, in addition to a Magnitude 6.3 earthquake in February 2011. A Magnitude 6.0 earthquake hit the area on June 13.
The epicenter of the June 13 quake was only six miles southeast of Christchurch's central business district, where buildings damaged by previous quakes over the last nine months sustained additional damage.
The larger, Magnitude 7 earthquake in September caused an estimated $4 billion to $6 billion in insured losses.
The February 2011 earthquake caused an estimated $8 billion to $12 billion in additional losses, EQECAT reports. The February event destroyed an estimated one-third of the buildings within the Christchurch central business district.
There are reports of newly collapsed buildings from the June 13 event, along with additional disruptions to electrical, gas, and water utilities, according to EQECAT.
Roads have been disrupted, as additional liquefied soils tear up road surfaces.
The latest earthquake is not expected to cause significant damage to buildings that were not previously damaged in February. But it will likely cause incremental damage and loss, EQECAT says.