Private insurers have settled more than 16,000 residential claims arising from the Canterbury earthquakes of 2010 and 2011, the Insurance Council of New Zealand (ICNZ) says.

More than 1500 claims were processed in the three months to June – a record for any quarter.

About $NZ15 billion ($13.38 billion) has been paid out on claims from residential and commercial properties.

Data collected by ICNZ and the Canterbury Earthquake Recovery Authority shows 75% of “over-cap” residential claims have been resolved or fully settled.

A further 19% of the 24,527 over-cap claims are in resolution, which means cash settlement is pending or the rebuild or repair is in the pricing and design process.

Insurers completed 596 major repairs and rebuilds in the June quarter, bringing the total to 4053.

“While cash settlements remains an option for many homeowners, the increase this quarter in settlements is for both cash settlements and rebuilds and repairs,” ICNZ CEO Tim Grafton said.

About 12,153 over-cap claims have been cash-settled and about 488 policyholders have yet to receive offers from their insurers, while 358 customers are assessing offers received.

“We’d encourage any customers who are unsure about the offer they’ve received or have yet to make a decision to contact either their insurer or the Residential Advisory Service,” Mr Grafton said. “The service is cost-free, totally independent and can help provide customers advice and assistance that may help progress their claim.”

Over-cap claims are those that exceed the initial $NZ100,000 ($89,086) sum covered by the Earthquake Commission.