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Nick Hawkins, chief executive at Insurance Australia Group Ltd., said that the insurer expects to pay out more than $350 million Australian ($247 million) for more than 15,000 claims from the Auckland and North Island floods, Stuff reported. The insurer said it would be able to recover part of the claims cost from its reinsurers, however, it will have to pay for the first AUD236 million of claims on specific policies under its reinsurance arrangements.