The liquidators of failed New Zealand insurer Western Pacific expect loss assessment on Canterbury earthquake claims to take another year.

The company holds 204 quake claims for $NZ49.1 million ($45.73 million) and expects to receive $NZ33.9 million ($33.57 million) from reinsurance, David Ruscoe and Richard Simpson of Grant Thornton say.

Once it has paid reinsurance premiums, a shortfall of $NZ16.9 million ($15.74 million) is expected.