Insurance companies have broken the $NZ11 billion ($10.19 billion) barrier in payouts to victims of the Canterbury earthquakes.

The $NZ11.1 billion ($10.27 billion) comprises $NZ7.36 billion ($6.81 billion) in commercial and $NZ3.74 billion ($3.46 billion) in residential claims, the Insurance Council of New Zealand (ICNZ) says.

The insurers handle claims above a $NZ100,000 ($92,563) cap, while those below are covered by the Earthquake Commission.

The commission has so far paid out $NZ7.04 billion ($6.52 billion).

“The $NZ11.1 billion paid to date is a significant contribution to the economy of the region, because it’s money in business bank accounts, residents who have cash-settled, homes that have been repaired or rebuilt, as well as community and public organisations that can continue their work,” ICNZ CEO Tim Grafton said.

“This demonstrates the very real progress that is being made to settle claims and enable the residents and businesses of Canterbury to get back on their feet.”

Mr Grafton told insuranceNEWS.com.au the figures have been boosted by recent large commercial settlements, including Lyttelton Port at $NZ430 million ($398 million) and the Ministry of Education at $NZ200 million ($185 million).

He estimates the total paid by insurers will eventually be “a shade less than $NZ20 billion ($18.51 billion)”.

“We are about halfway through on residential [claims] and three-quarters on commercial. On the residential side we have always looked to be finished at the end of 2016. On commercial there may be one or two that take longer.”

About $NZ642 million ($594 million) in commercial claims and $NZ226 million ($209.19 million) in residential claims were paid in the first two months of this year.

“Insurers were paying out the equivalent of $NZ14.7 million ($13.61 million) a day in settling residential and commercial claims during January and February,” Mr Grafton said.