Two of Australia's three top insurers on Monday disclosed the number of claims received so far from the worst flooding that Sydney has faced in 60 years and said it was too early to estimate the costs.
Heavy rains along Australia's east coast over several days have resulted in thousands of people being forced to evacuate their homes.
Suncorp Group has received 1,300 claims and expects the number to rise in the coming days. For fiscal 2021, it has set aside A$950 million ($734.07 million) as its natural hazard allowance.
Insurance Australia Group said it had received more than 2,100 claims by the end of Sunday, covering mainly property damage.
The full extent of the damage caused by the floods is yet to be determined with the rain forecast to continue for several days, S&P Global Ratings analysts said.
"While the ultimate losses for individual insurers will vary... we expect these to be manageable", they added.
Shares of Suncorp and IAG ended about 2% lower at the end of trade on Monday. QBE Insurance Group, the largest by market cap, fell nearly 3%.
(Reporting by Shruti Sonal and Nikhil Kurian Nainan in Bengaluru; Editing by Arun Koyyur)
