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, said it had received more than 20,000 claims in relation to the February 18 hailstorm as of March 5, and expected the cost would be around $160 million.
More NSW News Videos
- Video duration
- 00:41
NSW storms: whopper hailstones hit Hornsby
NSW storms: whopper hailstones hit Hornsby
Severe storms hammered parts of Sydney's on Saturday, inlcuding Hornsby where Fairfax photographer Nick Moir was battered by golf ball-sized hailstones.
Up Next
Large surf pounds Gold Coast
- Video duration
- 01:48
- Video duration
- 01:48
Large surf pounds Gold Coast
Large surf pounds Gold Coast
Surfers flock to the beach on the Gold Coast as a low-pressure system over the Tasman Sea delivers solid waves. Vision courtesy ABC News 24.
Up Next
Yachties rescued off Sydney coast
- Video duration
- 00:30
- Video duration
- 00:30
Yachties rescued off Sydney coast
Yachties rescued off Sydney coast
An Irishman and Frenchwoman have been rescued 210 nautical miles northeast of Sydney after their yacht's rudder broke in six-metre swells and gale-force southerly winds. Vision courtesy Seven News.
Up Next
Glenwood man arrested over wife's murder
- Video duration
- 00:31
- Video duration
- 00:31
Glenwood man arrested over wife's murder
Glenwood man arrested over wife's murder
Jagdish Singh has been remanded in custody, accused of murdering his wife, after the body of 56-year-old nursing home worker Harjit Kaur was found at their home in Glenwood yesterday. Vision: Seven News.
Up Next
Eight charged over $324 million meth haul
- Video duration
- 00:31
- Video duration
- 00:31
Eight charged over $324 million meth haul
Eight charged over $324 million meth haul
Vision shows the arrest of some of a group of eight people over a 540-kilogram methamphetamine shipment following a sting operation in western Sydney. Vision: AFP.
Up Next
From child bride to community campaigner
- Video duration
- 00:45
- Video duration
- 00:45
From child bride to community campaigner
From child bride to community campaigner
Dr Eman Sharobeem migrated to Australia more than 30 years ago. Since then she has earned two PhDs and campaigned against issues such as forced marriage and family violence.
Up Next
The lightest and heaviest showbags
- Video duration
- 01:06
- Video duration
- 01:06
The lightest and heaviest showbags
The lightest and heaviest showbags
A look at the lightest and one of the heaviest showbag at this years easter show.
Up Next
Tackling the marine pollution pandemic
- Video duration
- 00:35
- Video duration
- 00:35
Tackling the marine pollution pandemic
Tackling the marine pollution pandemic
The CSIRO Marine Debris team spent three years surveying the plastic pollution affecting Australia's beaches and oceans.
NSW storms: whopper hailstones hit Hornsby
Severe storms hammered parts of Sydney's on Saturday, inlcuding Hornsby where Fairfax photographer Nick Moir was battered by golf ball-sized hailstones.
The insurer expected 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 was $650 million, which meant it could 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, said it had received around 11,000 claims, which would cost between $150 million and $170 million.
That was expected to drive up Suncorp's total natural hazard claims costs to between $610 million 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 were 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.
AAP