<p><br /> A state disaster insurance fund has enough assets to cover claims after an earthquake caused major damage in New Zealand's second biggest city.<br /> </p><p><br /> That is according to the country's Prime Minister John Key. The initial cost estimate is being put at around NZ$2 billion.<br /> </p><p><br /> A 7.1 magnitude quake struck Christchurch early on Saturday morning, bringing down power lines, ripping up roads, smashing water and sewage pipes, and wrecking building facades.<br /> </p><p><br /> Miraculously - no one died during the tremors.<br /> </p><p><br /> Around 500 buildings have been damaged. Although major bridges, the airport, university and a sports stadium which will host games at next year's Rugby World Cup, appeared to have suffered only superficial damage.<br /> </p><p><br /> Detailed engineering studies are still under way.<br /> </p><p><br /> A state of emergency remained in force throughout the region but a curfew on the badly damaged central business district had been lifted.<br /> </p><p><br /> It is likely to be the most damaging quake in New Zealand since the northern city of Napier was devastated in 1931.<br /> </p><p><br /> Christchurch city and the neighbouring small towns bore the full force of the quake, which did considerable damage to infrastructure.<br /> </p><p><br /> The quake was among the ten strongest recorded in New Zealand, which sits between the Pacific and Indo-Australian tectonic plates, and records around 14,000 earthquakes a year, of which around 20 top magnitude 5.0.<br /> </p><p><br /> The last fatal quake was in 1968 when an earthquake measuring 7.1 killed three people on the South Island's West Coast.<br /> </p>
