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New Zealand insurers pay over $1 billion in natural disaster claims


Tim Grafton, chief executive of the Insurance Council of New Zealand, said that local insurers have so far paid out $2 billion New Zealand ($1.18 billion) for damage caused in January’s Auckland Anniversary Weekend floods and February’s Cyclone Gabrielle, Stuff reported. The final cost for insurers is expected to be about NZD3.5 billion as the severe weather events caused massive damage, resulting in 112,812 claims.

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