Calliden Group’s natural catastrophe claims figures have exceeded its first-quarter allowance, but costs are still within annual expectations, it says.

The insurer says in a statement to the Australian Securities Exchange that it has received 356 claims so far from ex-tropical cyclone Oswald in Queensland and NSW, with an expected net cost in the range of $1.6-$2.5 million.

Bushfires in Tasmania, NSW and Victoria have resulted in only five claims for Calliden so far, with an expected net cost of $400,000-$500,000.

Calliden has been restructuring its business over the past year to better manage its exposure to natural catastrophes, and is transferring around half of its underwriting exposure to other insurers.