Too early to estimate costs of Sydney floods: report

Suncorp and Insurance Australia Group have received 1,300 and 2,100 claims, respectively.

Two top Australian insurers have disclosed the number of claims received so far from the Sydney floods but clarified that it is still too early to estimate costs, reports Reuters.

Suncorp has received 1,300 claims and expects the number to rise in the coming days. It has set aside $734.07m (A$950m) as natural hazard allowance for FY2021.

Insurance Australia Group said it has received more than 2,100 claims, mainly covering 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, analysts said.

“While the ultimate losses for individual insurers will vary... we expect these to be manageable,” they added.

Here’s more from Reuters.