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Insurers count cost of Kaikoura quake

NZ Newswire logoNZ Newswire 27/03/2017

The around 38,000 claims expected to have come from November's Kaikoura earthquake makes it one of the world's most expensive insurance events in 2016, the industry body says.

The 7.8-magnitude quake struck on November 14, killing people and causing destruction as far afield as Christchurch, Kaikoura and Wellington.

Despite the number and expense of claims, the Insurance Council of New Zealand says it plans to have made settlement offers to most claimants by the end of the year.

A smaller proportion of cases made up of complex commercial claims and "domestic managed repairs" would, however, take longer than year end, the council said.

It said most high-volume, low-value claims had come from Wellington and Christchurch, while high-value, low-volume claims were concentrated in the top half of the South Island.

"Insurers are working hard to ensure the recovery of communities happens as quickly as possible," council chief executive Tim Grafton said.

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