Insured losses from last week’s 7.1-magnitude earthquake in Mexico could range from less than $1 billion to $2.6 billion, according to various estimates by catastrophe modellers.

AIR Worldwide puts the losses at 13-36.7 billion pesos ($919 million-$2.6 billion).

RMS says low insurance coverage in Mexico City and surrounding areas means the bill will not exceed $US1.2 billion ($1.51 billion), but economic losses will be higher, ranging from $US4-$US8 billion ($5.1-$10 billion).

“This is based on current building damage information from the Mexican authorities,” it says.

“RMS has also analysed data on ground motion and examined how property exposures are distributed across the region.”

Rescuers are still searching for survivors, while the death toll from the deadliest quake in 32 years has climbed to more than 300 people.

The southern state of Oaxaca was rocked on Saturday by a 6.1-magnitude aftershock, triggering a seismic alarm in the capital.