Insured losses from an earthquake that struck New Zealand last Friday are estimated to be unlikely more than NZ$250 million ($191 million), according to AIR Worldwide.

The earthquake hit about 25 miles southwest of the coastal city of Gisborne, which has an estimated population of 32,700 (as of June 2006).

The US Geological Survey reported a magnitude of 6.6 for the event, which hit during peak shopping hours, causing chaos in Gisborne's central business district.

"Damage to commercial buildings included broken plate glass windows, downed awnings, and collapsed ceilings," said BingMing Shen-Tu, project manager at AIR Worldwide. "Inside, shelves toppled over and smashed goods littered the floors of many shops. Numerous store owners have reported contents damage in the tens of thousands of New Zealand dollars."

The full extent of the damage is still unknown. However, representatives of New Zealand's insurance industry expect that insured losses will be significantly less than those incurred after the M6.3 Edgecumbe earthquake that occurred in 1987.