NSW claims 'within allowance for losses'

QBE outlined its exposure to the storm damage in a statement released to the market on Wednesday morning.

"We confirm that our estimated net claims are within the substantial allowance for large losses and catastrophes included in our targets for 2007 previously notified to the market," the company said.

Storms and associated flooding devastated parts of the Hunter, the Central Coast and northern Sydney over the weekend, with the damage estimated to be in the hundreds of millions of dollars.

Australia's top two personal insurers, IAG Australia Group and Suncorp Metway Ltd, on Tuesday said they'd received more than 20,000 claims following the devastating storms in NSW.

IAG, which operates NRMA Insurance and CGU Insurance, on Wednesday said it had received 9,000 claims.

IAG said the events could cost the company up to $169 million.

Meanwhile, Suncorp Metway said it had received about 11,500 claims.

But Suncorp, which owns the GIO and AAMI insurance brands, said on Tuesday it was too early to assess its total exposure to the disaster.