A property in Esk Valley in Hawke's Bay severely damaged by Cyclone Gabrielle. Photo: RNZ/ Robin Martin
Insurers have fully settled 87 percent of all private insurance claims from the Auckland Anniversary weekend and Cyclone Gabrielle weather events, with $2.7 billion paid out so far.
The Insurance Council said the two events were separately the two largest insurance weather events in New Zealand's history.
"Really good progress has been made on settling claims. Insurers are committed to finalising the remaining claims with their customers," council chief executive Tim Grafton said.
Insurers have settled 99,798 of 115,353 claims, accounting for about 75 percent of the total value of damage, estimated at $3.6b.
"We know some homeowners are waiting to settle until more is known about their local council voluntary buyout offer," he said.
"Our message to homeowners is that your insurance claim needs to be completed before starting the property purchase process.
"As people will not be financially advantaged or disadvantaged by waiting, we encourage people to continue to work with their insurer to finalise their claim."
The number of claims settled by value included residential homes at 84 percent, contents 95 percent and motor vehicles 99 percent.
However, the council said business interruption claims were taking longer to settle, as payments were normally spread over time, with 75 percent by number and 57 percent by value.