New Zealand's latest quake to cause $3bn-5bn in losses – Eqecat

14 June 2011 05:36  [Source: ICIS news]

SINGAPORE (ICIS)--The magnitude 6.0-earthquake that shook Christchurch, New Zealand, on Monday will likely cause $3-5bn (€2.1-3.5bn) in losses, catastrophe modelling firm Eqecat said in a note on Tuesday.

Five tremors of magnitude 4.3 or greater were recorded from 00:29 GMT on Monday. The shocks centred on the coast about 10km south of Christchurch and a short distance south of the fault that ruptured in the 6.3 quake on 22 February this year, killing 181 people.

The strongest quake with a magnitude of 6.0 occurred at 14:20 hours (02:20 GMT) local time.

“This latest earthquake is affecting an area already significantly damaged by earlier earthquakes,” the note said.

The quake in February destroyed an estimated one-third of the buildings within the Christchurch central business district, according to Eqecat.

The quakes on Monday have likely “caused $3bn-5bn in losses, with the incremental losses occurring to repaired structures and facilities,” the note said.

“There are reports of newly collapsed buildings from Monday’s event, along with additional disruptions to electrical, gas, and water utilities. Roads have become disrupted as additional liquefied soils tear up road surfaces,” the firm added.

There are no major petrochemical facilities near or around Christchurch city, located on New Zealand’s South Island. Most of these, such as Canada-based Methanex’s methanol plant and fertilizer maker Ballance Agri-Nutrients’ plant are located on the North Island.

($1 = €0.69)

By: Nurluqman Suratman

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly