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State insurer to make $130 million quake payout

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Ecuador's state insurer Seguros Sucre S.A. said that it will pay $130 million for damage caused by the recent 7.8-magnitude earthquake in the country, BNamericas reports.

Sucre's general manager Jose Luis Romo said that the payouts will go mainly to public sector entities in the quake-hit Esmeraldas and Manabi provinces.

Mr. Romo said that social security agency IESS and its banking arm Biess will receive $70 million worth of payouts.

The quake caused huge damage to public facilities such as hydroelectric stations and power transmission structures, added Mr. Romo.

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