Insurers had fully or partially settled 88% of all domestic claims from the Kaikoura earthquake by the end of December, according to New Zealand industry figures.

Insurance Council of New Zealand CEO Tim Grafton says the sector exceeded its goal of having most claims settled by December 31, and the data highlights the benefits of claims-handling changes agreed with the Earthquake Commission.

The changes allow people to make claims with their insurers for non-land damage that the Earthquake Commission may cover, leading to faster assessments and settlements than Canterbury earthquakes victims experienced.

“This is the model for the future, which the new Labour-led Government should require for management of any future natural disasters,” Mr Grafton said.

Insured losses for the Kaikoura quake, which struck in November 2016, total $NZ2.14 billion ($1.95 billion), of which $NZ631 million ($571 million) is from domestic claims.