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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), Scoop.co.nz 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.