Canterbury claims bill over $7 billion

3:05 pm on 28 May 2013

The Insurance Council says insurers have paid out $7.23 billion as it settles Canterbury earthquake claims.

Chief executive Tim Grafton says almost $5 billion went to commercial claims and $2.36 billion wsa made in residential claims.

Mr Grafton says there have been settlements of more than $ 500 million in the past three months with residential claims making up more than $300 million of it.

He says figures show that residential claims settlements are running at more than $3 million a day on average.

About 3000 properties are still to be apportioned between EQC and insurers, he says.

These are properties where the damage is in excess of $80,000.

They include multi-unit dwellings, properties where EQC and insurers' estimates are being jointly reviewed to determine apportionment and unassessed damage claims close to the $100,000 cap.