Insurer Suncorp has fielded about 3,750 claims from customers following the heavy rain and flash flooding that continues to plague large parts of Victoria.
The claims are mostly for property damage since winds of up to 125km/h and heavy rain lashed the state from Wednesday night. Two people have died.
The insurer, which has brands AAMI, Apia and GIO, said claim numbers were expected to rise for weeks.
Suncorp chief executive Steve Johnston said staff were in Traralgon and meeting affected customers.
Traralgon, in the Latrobe Valley, is one of the hardest-hit areas.
Suncorp's natural hazard costs for Australia and New Zealand of $955 million already exceed its full-year allowance of $950 million.
However the insurer said its maximum loss from the damage in Victoria would be limited to $50 million due to reinsurance.
In March, heavy rain and flooding devastated parts of northern NSW, southeast Queensland and Victoria. Suncorp received more than 5,400 claims.
Mr Johnston said more needed to be done to protect homes in flood-prone regions including better town planning and government investment in prevention measures.
Suncorp shares were higher by 0.36 per cent to $11.26 at 1321 AEST.
