24 Feb 2016

Christchurch Council receives $600 million in quake insurance payouts

5:09 pm on 24 February 2016

The Christchurch City Council has received just over $600 million from its insurers for damage resulting from the Canterbury earthquakes.

The full and final insurance settlement was $635 million, before deductions for the excess and payments to third parties.

The pay-out is about $80 million higher than budgeted for by the Council.

The council's chief financial officer, Peter Gudsell, said it would now not have to borrow as much for rebuild and repair work as anticipated.

The $603 million cash pay-out is on top of $200 million paid in 2012 by the Local Authority Protection Programme Disaster Fund, and an almost $60 million settlement from the Earthquake Commission.