The value of Kaikoura earthquake claims received by New Zealand private insurers has reached $NZ1.84 billion ($1.77 billion), making it the second-costliest seismic catastrophe after the Canterbury quakes.

Insurers had received nearly 43,000 claims at the end of last month, with more than 31,000 for residential properties.

The Insurance Council of New Zealand (ICNZ) says commercial losses account for $NZ1.36 billion ($1.31 billion), with residential claims more than $NZ460 million ($442 million).

“Progress is now moving at a rapid pace, so we have a high level of confidence that most people will have received settlement offers by the end of this year,” ICNZ CEO Tim Grafton said.

Insurers are acting as agents for the Earthquake Commission (EQC), and are managing most of the residential building and contents claims under a pilot approach to speed the process.

ICNZ’s figure excludes land or house and contents claims managed by the EQC, and losses covered by insurance purchased offshore.

The 7.8-magnitude Kaikoura quake struck in November last year, causing damage from Invercargill in the South Island through to Northland.

The EQC says it has received more than 38,000 claims from customers for residential damage, making Kaikoura the second-largest event in its history, which spans more than 70 years.

The hardest-hit communities were in the Marlborough, Kaikoura and Hurunui areas. The main locations for claims were Christchurch, Wellington, North Canterbury and Marlborough.

ICNZ says 40% of all residential buildings had initial assessments completed by the end of last month, and 29% were fully or partially settled.

The time between assessment and settlement for residential properties is typically 4-12 weeks depending on complexity, it says.