The liquidators of failed New Zealand insurer Western Pacific are still waiting for $NZ12.4 million ($11.9 million) in reinsurances payments.

In a new report to creditors, Grant Thornton says it has received $NZ25.8 million ($24.8 million) from reinsurers.

All but one claim has been assessed by loss adjusters and four are awaiting settlement.

By December, $NZ64.3 million ($61.8 million) of claims from the Christchurch earthquakes had been settled.

A further $NZ741,716 ($713,855) worth of claims had been assessed and $NZ176,566 ($169,922) partly assessed.

The shortfall in reinsurance cover stands at $NZ27 million ($26 million).

The liquidators’ costs for the two months to November 30 were $NZ200,344 ($192,802).

Grant Thornton expects to complete the liquidation this year, six years after the insurer failed.