EQC to reimburse insurers for quake damages
Posted On: Nov. 24, 2020 9:29 AM CST
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.