Private insurers have paid out more than $NZ18 billion ($16.87 billion) for commercial and residential claims since the 2010/11 Canterbury earthquakes, according to the Insurance Council of New Zealand’s (ICNZ) latest figures.

More than $NZ8.6 billion ($8.06 billion) of the sum is for domestic claims.

ICNZ CEO Tim Grafton says private insurers expect to have settled most claims by the end of the year. They have now fully settled 93% of all Canterbury earthquake residential property claims.

“This represents 21,005 over-cap and 63,545 out-of-scope properties,” he said.

Insurers have also settled 94% of commercial claims – worth $NZ9.75 billion ($9.13 billion) – at June 30.

Some 340 customers are still to receive offers from their private insurers, and 453 property-owners are yet to decide on offers received.  

ICNZ and government data shows 85% (22,317) of all over-cap – above the limit payable by the state-run Earthquake Commission – residential claims are resolved or fully settled. 

Resolved means the repair or rebuild is under construction, in consenting or a building contract has been signed. 

A further 11% (2712) of the 26,147 over-cap properties are in resolution, which means the rebuild or repair is in the pricing and design phase or a cash settlement is pending.

At the end of June insurers had completed 6114 major repairs and rebuilds and 14,891 properties had been cash-settled.

The Earthquake Commission transferred an additional 394 properties to insurers in the past quarter, taking the total to 1620 for the past year.

“It is extremely frustrating for homeowners and insurers to be receiving so many new property claims nearly six years after the events, which stresses the need for changes in the future,” Mr Grafton said.

“Insurers should do all assessments for future natural disasters so the most damaged properties can be rebuilt or repaired much sooner.”