MikeLigalig.com

Retailers in New Zealand's second largest city of Christchurch have rebounded from the effects of major earthquakes that struck in 2010 and 2011, according to figures released on Thursday.

However, the earthquakes, which began in September 2010 and peaked with a 6.3-magnitude quake that killed 185 people on Feb. 22 last year, had "a substantial impact" on the city's retail sector, Statistics New Zealand said.

"The 6.3 magnitude earthquake on Feb. 22, 2011, in particular, led to a drop in Christchurch retail activity in the March 2011 quarter," said industry and labor statistics manager Blair Cardno in a statement.

"However, retail trade activity rebounded in the June 2011 quarter,"he added.

The figures showed retail trade activity fell 4.2 percent in the March 2011 quarter, but bounced back by 8.1 percent in the following June quarter.

However, retail activity was flat down just 0.5 percent since the June 2011 quarter in the last two quarters of 2011.

"Although Christchurch largely maintained the June 2011 quarter's rebound in the last two quarters of 2011, the city did not have the strong retail growth experienced nationally (up 4.2 percent)," said the statement.

The accommodation and food services industry continued to show subdued activity through 2011, with many buildings being off- limits or demolished.

The figures were released the same day as global reinsurer Swiss Re announced that the Feb. 22 quake was the third biggest insurance event in history.

A statement from Swiss Re said economic losses of 370 billion U. S. dollars from natural catastrophes and man-made disasters in 2011 were unprecedented.

Record earthquake and flood losses resulted in insured losses of 116 billion dollars, up 142 percent from the previous year.

The earthquake and tsunami in Japan, where insurance cover was relatively low, accounted for 57 percent of 2011's economic losses and cost the insurance industry an estimated 35 billion dollars, making it the most expensive earthquake on record.

At 12 billion dollars, insured claims from the flood in Thailand were the highest ever recorded for a river water flood event.

The Thailand floods caused economic losses of 30 billion dollars, said the statement.

source: PNA

Linkback: https://tubagbohol.mikeligalig.com/index.php?topic=48837.0