Losses from a magnitude 6.3 earthquake that struck Christchurch, New Zealand Feb. 21 (Feb. 22 local time) could total as much as $12 billion, according to one estimate cited in a note to clients from a JP Morgan Chase & Co. analyst.

If losses reach that high for the quake, the second to hit the city in six months, it would fall within the Top 10 most costly world insurance losses since 1970.

Catastrophe modeler AIR Worldwide said losses from the magnitude 6.3 earthquake are expected to be between $3.5 billion and $11.5 billion. The estimate includes damage to property, contents and direct business-interruption losses.

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more information visit Asset & Logo Licensing.