Private insurers have paid out almost $NZ19 billion ($18.07 billion) on claims from the 2010/11 Canterbury earthquakes, the Insurance Council of New Zealand (ICNZ) says.

The sum covers commercial and residential claims, including nearly $NZ9 billion ($8.57 billion) for domestic cases.

About 94% of residential claims are settled, and the proportion for commercial claims, worth about $NZ9.9 billion ($9.44 billion), was 95% at September 30.

ICNZ says 352 customers have yet to receive offers from their insurers, 440 property owners have yet to decide on offers received, and 172 new claims are being validated.

About 87% (23,012) of over-cap – above the limit payable by the state-run Earthquake Commission (EQC) – residential claims are resolved or fully settled. Resolved means the repair or rebuild is under way or a building contract has been signed.

Another 9% (2461) of over-cap properties are in resolution, meaning the rebuild or repair is in the pricing and design process or cash settlement is pending.

Insurers have completed 6448 major repairs and rebuilds, and cash-settled 15,411 properties as of September 30.

The EQC transferred an additional 290 properties to private insurers in the September quarter, taking the total to 1443 for the past year.