IAG, which has the NRMA Insurance, Coles Insurance, CGU Insurance and WFI Insurance brands, told the market it had so far received 10,000 claims in respect of the storms which had swept through Queensland, New South Wales, Victoria and Tasmania.
It had also put on additional employees at its call centres to reduce waiting times.
“While there remains a degree of uncertainty as to the ultimate outcome, IAG’s current expectation is that this event will result in a pre-tax net claim cost in the range of $60-80 million,” IAG said.
IAG has forecast its natural disaster claims up to $600 million for the 2016 financial year.
The Tasmanian government said yesterday that flooding in the state could leave a damage bill topping $100 million.
Earlier this week, the Insurance Council of Australia said there had been 14,500 claims across Queensland, New South Wales, Victoria and Tasmania, with estimated insured losses of $56 million.
However, these figures could still rise as people assessed the damage.