The damage bill from fierce storms that ripped through parts of NSW stands at $161 million and is set to rise.
Insurers had received 24,250 claims by 1000 AEST on Thursday from people and businesses affected by storm and flood damage in Sydney, the Illawarra and Hunter Valley this week.
The Insurance Council of Australia estimates the bill stands at $161 million, but more claims are set to come in.
"Most of the claims received are for home and contents, mainly for light damage caused by rain and wind, with a small number of motor vehicle and commercial claims," chief executive Rob Whelan said.
"These are early figures for this catastrophe, and insurers are standing by for many more claims to be lodged over the next few days."
One of the country's largest insurers, Insurance Australia Group, had received 10,000 claims by 1100 AEST on Thursday, mostly for damage to property from wind and rain.
The insurer, which owns the NRMA and CGU brands, said extra staff are working in its call centres and more than 7,000 jobs have so far been allocated to builders.
Suncorp, which owns the AAMI and GIO brands, has so far received 7,500 claims.
Both companies said it was too early to estimate the financial impact of the storms.
Meanwhile, the major banks are offering a range of assistance packages for those who have lost homes and suffered other damage.
The banks are offering help with emergency accommodation, increases on their credit card limits, deferral of mortgage repayments, and the waiving of fees on term deposit withdrawals and business loan restructures.
"Affected households and businesses should contact their bank as soon as possible to find out what type of assistance would benefit them," Australian Bankers' Association chief executive Steve Munchenberg said.
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