New South Wales storm damage tops $200M

Insurers in Australia are beginning to tally claims stemming from strong winds and torrential rainfall that recently swept over southern New South Wales.

According to the Insurance Council of Australia, the estimated claims cost has risen to $270 million Australian ($228.0 million), but the council is predicting this number will rise because the flooding occurred during the Queen's birthday holiday weekend.

Insurance Australia Group, which is expected, along with Suncorp Metway Ltd., to bear the brunt of claims from the storm, said in a statement last week that it will likely see storm-related claims of $169 million Australian ($142.7 million). While Suncorp has not disclosed the impact of the storm on its earnings, analysts estimate that it will see a similar exposure as IAG.