Insurance losses from the Canterbury earthquakes are likely to range from $NZ31-$38 billion ($28.75-$35.25 billion), the Reserve Bank of New Zealand estimates.

The final cost remains uncertain because of settlement decisions between insurers and policyholders, as well as claims inflation, the bank’s May financial stability report says.

More than half of claims have been settled and some insurers have paid more than 80%.

The figures do not include reinsurance recoveries.