New Zealand marine insurers paid $NZ140.57 million ($115.1 million) on major claims from 2005 to 2011, including $NZ17.7 million ($14.5 million) for cargo losses from the September 2010 Christchurch earthquake.

Insurers paid out an average of $NZ24 million ($19.6 million) a year over the period, according to the Insurance Council of New Zealand (ICNZ), which has compiled a list of losses of more than $NZ500,000 ($409,000).

Many of the payouts followed fires or contamination of food in cool stores. One fire in 2008 led to a cargo claim of $NZ27 million ($22 million) – the largest single loss in the period.

The second-biggest was $NZ24 million ($19.6 million) paid for lost cargo when the container ship Rena ran aground on a reef off the Tauranga coast in 2011.

Foreign insurers will incur most of that loss but because the Rena was travelling between New Zealand ports, some cargo was covered locally.

ICNZ CEO Tim Grafton says the figures show insurers’ contribution to the commerce sector.

“The marine insurance market provides a vital service to our export sector,” he told insuranceNEWS.com.au.