IAG and Suncorp take thousands of claims
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Insurance Australia Group has received about 2,000 claims related to floods and storms in Queensland and NSW, but says the situation is in its early stages.
IAG, which owns the NRMA Insurance and CGU brands, said it was too soon to estimate the cost from ex-tropical cyclone Oswald, which has affected coastal areas from Cairns in far north Queensland to Sydney.
"It is still early days and our focus in on assisting customers and we have emergency repairs underway," an IAG spokesperson told AAP.
Home insurance policies with NRMA Insurance and CGU automatically cover flooding, IAG said.
Suncorp has received 4,500 claims to date, and expects to receive more as floodwaters are yet to peak in parts of Queensland and NSW.
The company said it also had a comprehensive re-insurance program to limit the financial impact of natural disasters.