By the end of this year New Zealand insurers will have all Canterbury quake claims above the Earthquake Commission (EQC) cap of $NZ100,000 ($80,000), according to CEO Ian Simpson.

He says the EQC’s rate of payments and settlements will rise this year because the groundwork necessary for resolving many claims is complete.

At December last year the commission had paid $NZ4 billion ($3.2 billion) of an estimated $NZ12 billion ($9.6 billion) liability for the earthquake series.