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EQC to reimburse insurers for quake damages


New Zealand’s Earthquake Commission has agreed to reimburse insurers Insurance Australia Group Ltd. and Tower Insurance Ltd. for the amounts they spent fixing earthquake-damaged homes in Canterbury, Stuff reported. EQC will pay nearly $42 million New Zealand ($29.10 million) to Tower, while IAG will also receive a “commercially sensitive” amount in settlement. EQC’s reinsurers will bear the cost of settlement.

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