As the state of emergency lifts and the number of aftershocks decrease, a clearer picture of the damage from the September 3 Christchurch quake damage is emerging.

Insurance Council of New Zealand CEO Chris Ryan told insuranceNEWS.com.au the cost to the insurance industry is likely to be “very high” and “one of the largest single claims since the 1931 Hawke’s Bay quake”.

Mr Ryan says 50,000 domestic claims had come in so far and about 10,000 commercial claims. He anticipates there will be some underinsurance in the commercial sector, particularly in business interruption cover, but says “the extent is unknown”.

Mr Ryan says NZ insurers – most of which are owned by Australian companies – enjoy “huge support” from reinsurance.

“Insurance firms are very well reinsured so there’s no question of insurers being unable to cope with it,” he said. “Domestically it’s a big event but in the overall international reinsurance industry it’s relatively modest.”

Insurance Brokers Association of New Zealand CEO Gary Young also told insuranceNEWS.com.au it’s still too early to put a cost on the catastrophe.

“There’s a lot of underinsurance and non-insurance, but it’s too early to get an exact feel for that.”