2 Nov 2014

Canterbury quake payouts hit $13bn

1:19 pm on 2 November 2014

Insurance payouts for the 2010 and 2011 Canterbury earthquakes have hit the $13 billion mark, as more than half of all private claims have been settled.

Christchurch earthquake

The Insurance Council says $8 billion in commercial claims and $5 billion in residential claims have now been settled. Photo: Photo NZ

The Insurance Council said at the end of September, insurance companies had settled $8 billion in commercial claims and $5 billion in residential claims.

Chief executive Tim Grafton said the $13 billion paid out was a significant contribution to Canterbury's economy, and showed insurers had their foot on the pedal.

He said the pace of settlements had not dropped off during this year, despite many complications.

Progress for QE2 replacement

Meanwhile, geotechnical tests have been carried out on the QE2 Park site in Christchurch, to determine whether the land is suitable for a new recreation and sport centre.

The east of the city has been without a public swimming pool since the 2011 earthquake forced the closure of QE2, the site of the 1974 Commonwealth Games.

The Christchurch City Council last month agreed that a new recreation and sport centre should be built at QE2 Park subject to a feasibility study, which was to include geotechnical investigations.

It is expected a geotechnical report will be complete at the end of January next year.

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