By Katherine ChiglinskyVideo will play in Play now Don't auto playNever auto playThe earthquake that struck Kaikoura this week could cost the insurance industry as much as $5.3 billion, according to catastrophe modeler AIR Worldwide. The insured losses will be at least $1.15 billion, the unit of Verisk Analytics said in a statement on its website. READ MORE: • EQC and insurance: What earthquake victims need to doMost damage to residences will be covered by the Earthquake Commission, AIR said. For New Zealand, the quake is the worst since 2009 "and one of the four most powerful since 1855." AIR Worldwide's model covers damage to structures and their contents, the higher costs of materials, and direct business-interruption losses.

Source: New Zealand Herald November 19, 2016 00:02 UTC