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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World NZ govt insurer pays out $447 mln on Sept quake claims Reuters - Thursday, December 30 Send IM Story Print WELLINGTON, Dec 30 - The New Zealand government disaster insurance fund said it had paid out nearly NZ$581 million in claims on damages to buildings caused by the September earthquake and aftershocks in Christchurch, the country's second largest city. The Earthquake Commission said it had settled around 17 percent of the 161,600 claims lodged and had assessed or was inspecting more than 45,000 other claims arising from the force 7.1 quake which struck Christchurch and adjoining towns on Sept. 4 causing widespread damage but only several minor injuries. "The total paid to date is a significant portion of the current estimated cost to us of NZ$2.75 billion to NZ$3.5 billion," EQC chief executive Ian Simpson said in a statement. The Commission's disaster fund will cover NZ$1.5 billion of the quake costs, with reinsurers covering costs over that to NZ$4 billion. International reinsurance companies, including Aspen Insurance Holdings , have put the cost of the earthquake at as much as NZ$5.5 billion. The Canterbury region has been struck by hundreds of aftershocks, including several at force 4.9 and stronger which have caused new damage. The New Zealand government said in its mid-year fiscal update earlier this month that earthquake costs and reconstruction will be a factor in it posting a larger than expected deficit and needing to borrow more in the short term. See [ID:nWLF004944] The third quarter current account deficit was smaller than expected, in part because of an allowance of NZ$1.7 billion in reinsurance payments flowing into the country to cover earthquake costs. Recommend Send IM Story Print Related Articles IFR-ASIA WRAP: Strong Economic Data Buoy Credit Markets Reuters - 37 minutes ago FOREX-Dollar withers to new lows as U.S. yields sag Reuters - Thursday, December 30 India oil secretary: no decision yet on IOC share sale Reuters - 40 minutes ago Thai True buys Hutchison units to advance 3G plans Reuters - 42 minutes ago India food inflation accelerates to 10-week high Reuters - 44 minutes ago News Search Top Stories Bolivians to march against fuel price hike Brazil's Petrobras confirms big oil find Deadline looms for Billy the Kid pardon French model known for anti-anorexia ads dies Portugal says to issue 20 bln euros in bonds in 2011 More Top Stories » ADVERTISEMENT Most Popular Most Viewed World's oldest human remains claimed in Israel Reese Witherspoon engaged to Hollywood agent Elton John and partner become parents: report Shredding bad bits of 2010 is best revenge PepsiCo's Russia deal wins Putin's blessing More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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