More than 40% of over-cap residential claims arising from the Canterbury earthquakes have been completed or fully settled, the Insurance Council of New Zealand (ICNZ) says.

It amounts to about 9100 out of 22,000 claims, according to a survey by the Canterbury Earthquake Recovery Authority.

“There’s a further 8468 insurer-managed major repairs or rebuilds that are either in the design-documentation stage, have builders hammering away or are in the schedule,” ICNZ spokesman Samson Samasoni said.

Over-cap refers to claims above the $NZ100,000 ($92,528) covered by the Earthquake Commission (EQC), after which claims are passed to householders’ insurers.

Insurer-managed rebuilds and repairs could not start until late in 2012 because of ongoing seismic activity, the release of building guidelines and EQC apportionment work.

“Insurers have not changed their view that they are on track for completing the insurer-managed rebuild program by 2016,” Mr Samasoni said.

The industry has been criticised for the time it has taken to complete claims, but INCZ CEO Tim Grafton says insurers are doing “their level best”.

“It is an election year and people will have their frustrations,” he told insuranceNEWS.com.au.

“The reality is this has been the most complicated recovery from a catastrophe the world has ever known.”