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New Zealand: Insurance bill for damaging storm reaches millions

May 1, 2014 - 6:00am

Policyholders have already claimed about $25 million New Zealand ($21 million) to their insurers for damage caused by storms and floods in February and March, The New Zealand Herald reported.

Tim Grafton, chief executive of the Insurance Council of New Zealand, said the storm on Mar. 4 and Mar. 5 caused damage worth NZD 22 million. Mr. Grafton said "most of the damage in Canterbury was to home and contents with NZD 13.4 million ($11.4 million) in losses followed by" NZD 2.8 million ($2.3 million) in commercial property damage.

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