New Zealand’s Earthquake Commission (EQC) paid $NZ495 million ($465.1 million) in the year to June 30 settling claims from the Canterbury quakes, as it strives to finish the task.

About $NZ441 million ($414.3 million) went to residential building claims, with the rest for residential land and contents claims, the EQC says in its annual report.

The commission had completed repairs on more than 67,000 homes, settled 187,000 contents claims and completed claims for land damage at 66,000 properties at June 30.

“Our role in Canterbury is now drawing to a close,” Chairman Maarten Wevers said. “We are on track to substantially complete our work by the end of [this year]. We will be seeking to complete any remaining work and outstanding claims during [next year].”

The total spent on the Canterbury quakes, including claims-handling expenses, has reached $NZ9.4 billion ($8.8 billion). Interest and investment income earned reached $NZ71.7 million ($67.49 million).

The 2010/11 quakes were the costliest natural disasters in New Zealand’s history.

The EQC recorded gross earned premium of $NZ280.19 million ($263.8 million) last financial year. Reinsurance and other recoveries totalled $NZ444 million ($418.03 million).

It has $NZ2.1 billion ($1.98 billion) in assets and $NZ2.5 billion ($2.35 billion) in liabilities.