The Insurance Council of New Zealand says nearly 96% of private claims from the Auckland Anniversary Weekend floods and Cyclone Gabrielle have been settled.

Its latest figures show 112,746 of 118,037 claims were settled as of June, with insurers paying $NZ3.25 billion ($2.96 billion) for losses from the disasters in February last year.

Both events caused nearly $NZ2 billion ($1.82 billion) in losses, with the final overall estimate at $NZ3.81 billion ($3.47 billion).

Home damage was the leading claim area, totalling $NZ1.74 billion ($1.59 billion), while business, contents and motor losses were also key contributors. 

ICNZ CEO Kris Faafoi has praised the industry for handling the “complex and challenging” severity and impact of the two events.

“The pace of settlement rates from last year’s weather events shows insurers have been extremely effective in supporting their customers and providing confidence about the future,” he said. 

“So far, $3.3 billion has been paid out by insurers to get families and whanau back on their feet and keep people and businesses in work to repair and replace what has been lost.

“In comparison, it took four years after the first Canterbury earthquake, and nine months after the Kaikoura earthquake, just to get over 50% of claims fully settled.”