The spate of natural catastrophes will cost QBE $US225 million ($222 million), the company has revealed.

CEO Frank O’Halloran said in a statement last week that its net claims costs from the Queensland flooding at the end of 2010 are $US25 million ($24.7 million), with additional net claims costs of $US100 million ($98.7 million) from the January 2011 flooding in Queensland, Victoria and NSW.

At this stage QBE’s estimated net claims from cyclone Yasi are $US100 million.

“The claims for 2011 are well within the significant allowances for large risk and catastrophe claims included in our 2011 business plans, which after the worldwide aggregate protections are close to $US1.5 billion ($1.48 billion),” Mr O’Halloran said.

He says QBE’s reinsurance program is “one of the most comprehensive available in the marketplace”.

Meanwhile, IAG estimates its claims costs from the catastrophes could be as high as $290 million. 

CEO Mike Wilkins says the group is facing claims of $110 million-$130 million from the floods in Queensland and NSW, and $25-$40 million from the Victorian floods.

He says it’s too early to determine IAG’s exposure to cyclone Yasi, but as the flooding events have already triggered its reinsurance program, the group’s maximum net claims exposure to cyclone Yasi will be $125 million.