The latest release of quarterly progression data from the Insurance Council of New Zealand (ICNZ) reveals that private insurers have now settled $15.9 billion in Canterbury earthquake claims.

Chief Executive Tim Grafton of the ICNZ says that insurers have now settled over 70 per cent of over-cap residential insurance claims.

“Insurers are continuing to make a major contribution to Canterbury and the New Zealand economy and are committed to settling the remaining claims as quickly as possible. We’d encourage any customers who are unsure about the offer they’ve received or have yet to make a decision to contact either their insurer or the Residential Advisory Service. The service is cost-free, totally independent and can help provide customers advice and assistance that may help progress their claim,” says Grafton.

Reinsurers have described this as one of the most complex natural disaster recoveries in recent years, as the number of over-cap residential claims reached almost 25,000 this summer.

You can read the full Scoop article about Canterbury earthquake insurance payouts here.

Image credit: Christchurch Earthquake 22/02/11 via photopin