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New Zealand: Lyttelton Port to receive $361 million in quake-related compensation

December 19, 2013 - 6:00am

New Zealand's Lyttelton Port of Christchurch is set to receive $438 million New Zealand ($361 million) in insurance payments related to the damage suffered during earthquakes in 2010 and 2011, reported.

The news follows a mediation process between the port and its insurers – Vero Insurance New Zealand Ltd., QBE Insurance Group Ltd. and New Zealand Insurance, now a subsidiary of IAG New Zealand Ltd. Lyttelton Port has already received NZD 55.6 million, meaning that it will now receive the remaining NZD 382.7 million.

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