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Insured losses from Auckland floods to hit over $620 million


The Insurance Council of New Zealand said that insured losses stemming from the severe flooding that struck Auckland between Jan. 27 and Feb. 2 are expected to exceed $1 billion New Zealand ($621 million), reported. Insurers are handling around 48,000 claims from record flooding, including 3,800 commercial claims worth NZD320 million. Insurers have already paid around NZD111 million, which is around 11% of total claims.

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