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New Zealand: $164 million quake payout for damaged schools in Christchurch

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New Zealand's Education Ministry will receive a $200 million New Zealand ($164.3 million) payout from Vero Insurance New Zealand Ltd. for earthquake-related damage to Christchurch schools, The New Zealand Herald reported.

Canterbury Earthquake Recovery Minister Gerry Brownlee said the payout, one of the country's largest ever, follows several negotiations with insurers. Associate Education Minister Nikki Kaye called the claim a complex one as it involved "more than 1000 buildings at over 200 schools."

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