Insurers in New Zealand have settled about $8 billion in Canterbury quake claims

New Zealand insurers have injected $8.33 billion to date into the Canterbury recovery in the wake of severe damage from earthquakes in 2010 and 2011.

The $8.33 billion in insurable costs are made of $5.41 billion in commercial claims and $2.92 billion in residential claims settled, notes a statement issued Tuesday by the Insurance Council of New Zealand (ICNZ). All figures are expressed in New Zealand dollars.

Insurers settled $4.7 million a day in Canterbury residential claims over the last month, bringing the total to more than $900 million in settled residential claims so far in 2013, the ICNZ reports.

“Earlier this year, settlements were running at about $3 million a day for residential customers, so the latest figures are an indicator that the recovery program continues to ramp up,” says Tim Grafton, chief executive of ICNZ.

In early September, the council reported that private insurance companies had completed, resolved or scheduled for completion 80% of Canterbury residential property earthquake claims.

Figures released by ICNZ – collected by the Canterbury Earthquake Recovery Authority – indicated that as of July 1, 2013, 34% of the claims had been fully resolved through external resolution or were fully completed rebuilds and major repairs. Another 46% were claims where a repair or rebuild had been agreed and was in progress.

“The insurer rebuild and repairs program in Christchurch is well and truly ramping up and will be completed by the end of 2016,” Grafton said at the time.