Vero NZ expects to have paid 90% of commercial claims from the Canterbury earthquakes by next June.

The company’s earthquake program will be largely complete by the end of next year, according to project EGM Jimmy Higgins.

Vero also expects to resolve and settle more than 90% of residential claims by June.

Mr Higgins says 70% of above-cap claims have been settled, as have 94% of claims that do not involve the Earthquake Commission (EQC).

Above-cap claims are the most complicated because the EQC pays up to $NZ100,000 ($92,415) and any amount over that passes to the private insurer. This slows the process, particularly if there are disputes around the cap cut-off.

Mr Higgins says Vero has paid $NZ3.9 billion ($3.6 billion), or 80% of its total costs for the Canterbury events.