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New Zealand: Insurance payouts after Canterbury earthquake top $8.32 billion

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Insurers have paid out more than $10 billion New Zealand ($8.32 billion) in commercial and residential settlements following the Canterbury earthquake, the Insurance Council of New Zealand said.

Insurance Council CEO Tim Grafton said "of the $6.7 billion New Zealand ($5.57 billion) of commercial claims paid out, $2 billion New Zealand ($1.66 billion) was in 2013 alone," Voxy reported.

Mr. Grafton said the commercial payouts include "$1 billion New Zealand ($832.2 million) in business interruption insurance."

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