New Zealand’s Earthquake Commission (EQC) paid $NZ760.26 million ($687 million) in claim settlements and handling costs in the year to June 30.

About 45,000 claims were lodged in the financial year, the commission says in its annual report. The Kaikoura earthquake in November last year and remaining claims from the Canterbury quakes were among key events for the EQC.

Kaikoura prompted about 40,000 claims – the third-largest volume in EQC history – while about 3500 Canterbury-related claims remained outstanding at the end of October.

“The EQC remains focused on settling claims for all natural disaster events, especially the Canterbury and Kaikoura earthquakes, while building an organisation that can deliver value and service to customers in the future,” the commission says.