Nearly all claims from the Edgecumbe flood have been partially or fully settled, according to the Insurance Council of New Zealand (ICNZ).

More than $NZ54.3 million ($50.41 million) has been paid out for 1059 claims, with 98% of claims fully or partially settled at March 1.

About 74% of claims were for house and contents insurance, followed by marine, then motor.

Widespread flooding occurred when the Rangitaiki River burst its banks during cyclones Debbie and Cook last year, causing severe damage to Edgecumbe on the North Island.

ICNZ CEO Tim Grafton says the near-complete settlement of claims shows insurers’ commitment to helping people get back on their feet.

New Zealand is on the way to recording its most expensive year for weather events, he says.