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New Zealand insurers "least prepared" for major quakes: Report

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A report by Marsh Inc. said major earthquakes that hit Chile, Japan and New Zealand between February 2010 and March 2011 resulted in total estimated insured losses of about $60 billion, reported.

New Zealand was "the least prepared of all from an insurance perspective," the report said.

Insurance Council of New Zealand chief executive Tim Grafton said the comparison was unfair as the circumstances were different in terms of the "types of mechanisms that were in place to provide insurance cover."

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