Private insurers have settled or partially settled 59% of residential and commercial claims from the Kaikoura earthquake, the Insurance Council of New Zealand (ICNZ) says.

“We said we would have the majority of Kaikoura earthquake settlement offers made by year end,” ICNZ CEO Tim Grafton said. “We are more than halfway and ahead of expectations.”

The total value of claims for the November 14 quake was more than $NZ2 billion ($1.8 billion) at August 31, with commercial claims representing $NZ1.48 billion ($1.35 billion) and residential nearly $NZ550 million ($501 million).

On the residential side, 53% of claims were fully or partially settled by the end of last month, compared with 43% in July and 36% in June.

Private insurers have also completed 92% of residential assessments in the Upper South Island following a focus on the most damaged areas

For commercial claims, 76% by number were fully or partially settled by the end of last month, compared with 72% in July and 67% in June.

Suncorp New Zealand says it has completed all claims assessments in the Kaikoura area and closed a temporary office set up after the quake.

The company, which includes Vero and joint venture AA Insurance, received more than 9000 claims, including more than 300 residential claims in and around Kaikoura.

Suncorp has completed more than 90% of assessments and is on track to wrap up the remainder by the end of next month.

New Zealand's Earthquake Commission and private insurers had in total completed 80% of initial residential building assessments and settled 45% of claims for building damage at the end of August, up from 62% assessed and 34% settled as of July 31.