New Zealand’s Earthquake Commission (EQC) has passed on all quake claims that exceed its $NZ100,000 ($86,000) cap to private insurers.

The Insurance Council of New Zealand (ICNZ) says insurers have now settled or are currently resolving 80% of above-cap residential claims.

The updates came as the country marked the third anniversary of the quake that began the Christchurch series on September 4 2010.

Insurers are handling 24,000 residential claims above the sum covered by the EQC, which receives a levy charged on home and contents premiums.

ICNZ CEO Tim Grafton says insurers’ Christchurch repair and rebuild programs will be completed by the end of 2016.

The EQC says it has completed claims on 100,800 houses, with about 70,000 to repair or settle for cash. It has paid nearly $NZ6 billion ($5.16 billion) and has about $NZ4 billion ($3.44 billion) to pay.

Some 8417 claims relating to the Cook Strait earthquakes that started in July have been received by the EQC, including 3112 from the August 16 event.

About 35% of the claims are from the South Island and 65% are from the North Island.