Private insurers have settled $NZ15.9 billion ($14.7 billion) of Canterbury earthquake claims, according to the latest Insurance Council of New Zealand (ICNZ) update released today.

This equates to 70% of all over-cap claims – those exceeding the $NZ100,000 ($92,482) covered by the Earthquake Commission.

At the end of September there were 24,994 over-cap residential claims, with 79% settled or resolved.

A further 16% are in resolution, meaning the rebuild or repair is in the pricing and design process or cash settlement is pending.

The number of customers still to receive offers from their private insurer is down to 465, and 314 people have yet to make decisions on offers received.

“Insurers are continuing to make a major contribution to Canterbury and the New Zealand economy and are committed to settling the remaining claims as quickly as possible,” ICNZ CEO Tim Grafton said.