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Ecuador insurers to use over 50% of capital to settle April quake-related claims

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Ecuador's insurance industry will use over 50% of its combined capital to pay for the claims arising from 7.8-magnitude earthquake that hit the nation in April.

The industry reportedly had a combined capital of $500 million at the end of March.

The Insurance federation of Ecuador Fedeseg expects quake-related insurance claims to total $260 million, reports BNamericas citing La Hora.

So far, 23 insurers have reported 12,771 claims, of which 12,285 await payment.

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