Eqecat defends NZ aftershock loss estimate
Modelling firm Eqecat has stuck by its estimate that the 13 June Christchurch aftershocks could result in losses of $3bn-$5bn for the insurance industry, despite the figures being rubbished by the country's leaders.
Finance Minister Bill English told local media he had seen no basis for such a large figure, pointing out that the aftershocks mainly caused damage in areas that were already affected by the earlier quakes in September and February.
"These aren't insurance assessments - these are an...
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