Insurer Suncorp Group Ltd said on Wednesday it had received 7,600 claims for damages from severe flooding along Australia's east coast, a number it expects will increase in coming days.
Authorities began recovery efforts as water levels receded this week after incessant rains triggered the worst floods in Australia's most populous state of New South Wales (NSW) in more than half a century.
Suncorp estimated net claims from the event to be between A$230 million ($174.73 million) and A$250 million and said costs were expected to rise further. Costs would be capped at A$250 million under its main catastrophe program, it said.
The company said about three quarters of claims were from NSW, while around 20% of the claims were from Queensland, with the severity of claims varying significantly between regions.
Insurance Australia Group Ltd said on Friday it had received 8,000 claims for flood damages worth about A$135 million ($102.32 million) and was expecting more claims to be filed.
(Reporting by Savyata Mishra in Bengaluru; Editing by Anil D'Silva)
