The 7.2-magnitude earthquake that struck Mexico on Sunday is expected to have caused less than $300 million in insured losses, according to catastrophe modeller Eqecat.

That will come as a relief to a Bermuda insurance market that has estimated catastrophe losses of more than $2.5 billion in the first three months of the year - mostly from the February quake in Chile.

Last weekend's earthquake struck Mexico just south of California. Nearly a million people experienced severe shaking, and people as far away as Las Vegas reported feeling the quake.

However, damage from the quake is expected to be focused near the epicenter in Mexico, Eqecat said.

Total economic damage is expected to be less than $1 billion, and insured losses will not exceed $300 million, the catastrophe modeller said.

Most of the economic damage will have occurred in Mexico, where buildings in Mexico are generally older and more vulnerable to earthquakes.