New Zealand insurers remain confident they will settle most Canterbury earthquake claims by the end of 2016, although over-cap claims are still being passed to them from the Earthquake Commission (EQC).

Companies have paid out $NZ12 billion ($10.88 billion), settling 80% of commercial claims and 66% of residential claims, according to the Insurance Council of New Zealand (ICNZ).

CEO Tim Grafton says last quarter saw a major “ramp-up” in progress, with 1517 over-cap claims settled, double the previous quarter’s settlements.

The state-owned EQC pays the first $NZ100,000 ($90,667) of a residential claim, then passes the over-cap sum to private insurers, along with claims not covered by its remit, such as for driveways.

Mr Grafton says insurers have received more than 700 new over-cap home claims this year, and have repeatedly asked for further information.

“We certainly want the EQC to be providing full information on under-cap claims so our actuaries can make best estimates of the potential risk of claims going over cap and affecting our reserves,” he told insuranceNEWS.com.au.

He says insurers are aware some claims are pending, such as for multi-unit dwellings, but are concerned at the number they are unaware of until notification arrives.

Some 11,347 over-cap claims are yet to be settled, and most have rebuilds or repairs under way.

The figure includes 1218 customers who are undecided about their settlement offers and 1169 who are awaiting options, according to Canterbury Earthquake Recovery Authority data.

Insurance losses from the quakes are forecast to range from $NZ31-$38 billion ($28.1-$34.45 billion), excluding reinsurance recoveries.