The liquidator of failed New Zealand insurer Western Pacific expects to conclude its work next year, according to its latest statutory report.

Richard Simpson from Grant Thornton says loss assessment claims will probably be completed this month, later than previously forecast.

“We estimate the liquidation will be completed [next year],” Mr Simpson said. “This is dependent on the loss assessment and reinsurance recovery work being completed in line with current expectations.”

Loss adjusters are handling 97 claims estimated at $NZ12.29 million ($11.49 million) and have assessed 69 cases worth $NZ22.25 million ($20.8 million).

The liquidators have closed 10 claims without any payments made and accepted 22 assessed claims of $NZ23.78 million ($22.24 million).

Western Pacific collapsed in 2011 after the Canterbury earthquakes.

Its only asset is $NZ32.19 million ($21.69 million) in reinsurance for estimated quake claims of $NZ58.8 million ($55 million).