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The Christchurch City Council in New Zealand will receive an insurance payout of $635 million New Zealand ($426 million) for its above-ground facilities that were damaged in the 2011 earthquake, Stuff.co.nz reports.
The council had sought payout of $920 million from the country's Local Authority Protection Programme Disaster Fund and the government-owned insurer Civic Assurance. The council had been negotiating for over a year with its insurers and their reinsurers, namely American International Group, Inc., Axis Reinsurance Co. and R+V Versicherung A.G.