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International

New Zealand: Record insurance settlement may not affect premiums, says association

December 16, 2014 Reprints

Tim Grafton, chief executive of the Insurance Council of New Zealand, has said that the record claims payout for University of Canterbury is unlikely to affect other commercial insurance premiums, Radio New Zealand reports.

Vero Insurance New Zealand Ltd. has said $550 million New Zealand ($425.9 million) will be paid to settle the university's earthquake claims, making this the biggest private sector insurance settlement in New Zealand so far.

The payout included damage to 237 buildings from many quakes.

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New Zealand: Record insurance settlement may not affect premiums, says association

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