New Zealand Earthquake Victims Have Received $11 Billion In Insurance Payouts

Hannah Peters/ Getty

New Zealand residents hit by the country’s Canterbury earthquakes have received $11 billion in insurance payouts.

The Insurance Council of New Zealand says the payouts cover the settlement of 80% of commercial claims and 66% of residential claims.

The 2010 Canterbury earthquake struck the South Island of New Zealand on 4 September. Aftershocks following the main event occurred on 22 February 2011 in Christchurch and resulted in the deaths 185 people and left another 164 people seriously injured.

The Insurance Council Chief Executive Tim Grafton says he is “confident almost all major repairs and rebuilds will be completed by the end of 2016.”

Read more here.

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.