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New Zealand: Canterbury earthquake settlements touch $9.62 billion, says insurance regulator


The Insurance Council of New Zealand said insurers have paid out more than $11.1 billion New Zealand ($9.62 billion) in Canterbury earthquake settlements at the end of February 2014, Voxy reported.

While commercial payouts amounted to $7.35 billion New Zealand ($6.37 billion), residential payments totaled $3.74 billion New Zealand ($3.24 billion).

Insurance Council CEO Tim Grafton said "collectively insurers were paying out the equivalent of $14.7 million New Zealand ($12.7 million) a day in settling residential and commercial claims during January and February this year."

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