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New Zealand: Earthquake Commission secures $3.9 billion reinsurance cover


New Zealand's Earthquake Commission has obtained reinsurance cover worth $4.5 billion New Zealand ($3.9 billion), an increase from NZD 3.25 billion in 2013, chief executive Ian Simpson said.

Mr. Simpson said cost of cover was around 10% lower than the previous year, Stuff.co.nz reported. The yearly cost of around NZD 150 million includes a reinstatement clause, and so if a second catastrophe were to strike, the agency would get another NZD 4.5 billion.

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