Christchurch earthquake, costly reconstruction

Reconstruction costs following the damages caused by the seven-Richter-scale earthquake that hit the city of Christchurch in September 2010 have increased by 33% compared to the latest estimates of December 2012. They now amount to 40 billion NZD (33 billion USD). At the end of 2012, the amount of damages to the charge of insurers amounted to 17.9 billion NZD (14.6 billion USD), 8 billion NZD (6.5 billion USD) of which for the reinsurance market. The authorities will also disburse 15 billion NZD (12 billion USD) through the Earthquake Commission (EQC), an insurance program covering homeowners in New Zealand.

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