This does not include the second round of flooding since Jan. 8. For those claims, SunCorp said its reinsurance program would limit its costs to between $70 million and $90 million. SunCorp said it is “also likely to incur additional reinsurance costs of around $120 million to reinstate multiple covers for the remainder of the financial year.”

Insurance Australia Group (IAG) said earlier this month it had received 600 claims from the late December and early January flooding. IAG recently updated that total to 1,200 claims and said its early estimate for net claim cost is between $10 million and $30 million.

For the more recent flooding, IAG said it has received 2,400 claims, and has not yet developed an estimate on losses.

According to Guy Carpenter’s Instrat unit, which compiled information from a variety of sources, Australian Prime Minister Julia Gillard initially estimated the economic damage from the floods at around AUD5 billion ($4.99 billion at current exchange rate). But Guy Carpenter noted that as floodwaters spread east, the projection has risen, and a member of Australia’s central bank warned that the disaster could cut 1 percent off projected economic growth, equal to almost AUD13 billion ($12.98 billion).

Guy Carpenter said it is still too early to gauge how the floods will impact insurers and reinsurers, as coverage for flood damage is not standard in many buildings and contents insurance policies in Australia.

Guy Carpenter said heavy and persistent rain in Queensland in late December initially triggered the floods, “possibly as a result of the La Nina weather pattern.” Also in late December, Tropical Cyclone Tasha made landfall in Queensland as a weak tropical storm, bringing more rain to the area.

Heavy rain has continued in recent days, flooding more towns and cities.

According to catastrophe modeler Risk Management Solutions (RMS), initial media reports are suggesting that 11,900 homes and 4,500 commercial businesses have been seriously damaged by floodwaters across the city of Brisbane, after the Brisbane River overflowed.

AIR said crop damage has also been extensive due to the flooding. “According to some estimates, at least 20 percent of Queensland's crops are underwater,” the modeler said. “The damage is expected to raise the global price of grain, particularly of wheat. Take-up rates for crop insurance are very low in Australia.”