The early estimate on the damages bill arising from Saturday's force 7.1 earthquake centred to the west of Christchurch is around NZ$2 billion. New Zealand's Treasury is the source of this estimate, though costlier estimates are also in circulation.It's clear the costs to financial intermediaries from the quake will be pronounced, but presumably manageable.The natural disaster generating the highest level of claims recorded by the Insurance Council of New Zealand was from the Bay of Plenty earthquake in 1987. The Insurance Council estimated the cost of those claims at NZ$190 million in 1987 dollars and NZ$330 million in 2007 dollars. This is the costliest event listed at the association's website and with a chronicle that begins in 1968.As of early this morning the Earthquake Commission said it received 4900 claims, a figure certain to multiply. The Canterbury district has around 130,000 households, and a population of around 400,000, or about 10 per cent of the total population of New Zealand.The Earthquake Commission handled 4500 claims over 2008/09 but said, in its annual report for that year that a review during the year confirmed that the commission's procedures, according to the annual report, "will achieve its objectives" for any "influx of claims ... up to 10 times larger than anything the EQC has been required to handle to date."The Natural Disaster Fund, managed by the EQC, stood at NZ$5.6 billion at June 2009.The Earthquake Commission only covers residential property if the owner or resident already holds building or contents insurance. The EQC thus does not provide any insurance backstop to those without an insurance policy.