Insurers have paid more than $NZ10 billion ($9.29 billion) on claims arising from the 2011 Canterbury earthquakes, the Insurance Council of New Zealand says.

At the end of last year $NZ6.7 billion ($6.22 billion) had been paid on commercial settlements and $NZ3.5 billion ($3.25 billion) on residential cases.

Of the commercial claims figure, $NZ2 billion ($1.85 billion) was paid last year, council CEO Tim Grafton says. Residential totalled $NZ1.56 billion ($1.44 billion) for the year.

That figure does not include recent settlements such as the largest insurance payout in the country’s history – $NZ428 million ($397.88 million) to the Port of Lyttelton, which will show in the first quarter of this year.

“Last year we also started to see completed insurer-managed rebuilds and repairs that began in 2012 come through the other end of the pipeline, with 725 rebuilds and 769 repairs completed by the end of last year,” Mr Grafton said.

“That means 70% of all commercial claims have now been settled and reinforces the value of insurance in helping the commercial sector to quickly recover from what was one of the biggest-ever insurance disaster events globally.”

Commercial payouts include $NZ1 billion ($92 million) in business interruption cover.

Meanwhile, builders say more than 6000 homes were built in the Canterbury area last year, a figure that will increase to 7000 this year as more insurance money is released.

“Forecasts from the Christchurch City Council indicate [this year and next] will be big for the completion of insurer-managed residential rebuilds and repairs,” Mr Grafton said.