A recent hailstorm in Sydney could cost two of Australia's major insurance companies, IAG and Suncorp, up to $370 million.
IAG - which offers insurance under several brands including NRMA, Swann, CGU and AMI in New Zealand - says it has received more than 20,000 claims in relation to the February 18 hailstorm as of March 5, and expects the cost will be around $160 million.
The insurer expects a maximum possible exposure of up to $200 million, after reinsurance.
IAG on Monday said its net claim cost up to the end of February is $650 million, which means it can absorb about $130 million of net natural peril claim costs in the final four months of the 2016/17 financial year.
Suncorp - whose insurance brands include AAMI, GIO, Apia, Shannons and Bingle - says it has received around 11,000 claims, which will cost between $150 million and $170 million.
That is expected to drive up Suncorp's total natural hazard claims costs to between $610 and $630 million for the eight months to February 2017.
Suncorp chief executive Michael Cameron said the insurer's hail assessment centres in Wollongong, Bella Vista, and Willoughby are assessing as many as 650 cars a day.
"We are focused on ensuring the safety of our customers and their families, as well as processing all claims as soon as possible," Mr Cameron said in a statement on Monday.
Suncorp said it was well protected against further natural hazard events, with additional cover in place.
QBE couldn't immediately provide any claim or financial details about the impact of the hail storm, a company spokesman said on Monday.
