Suncorp says natural hazard costs across Australia and New Zealand for the first four months of the financial year are estimated at $348-408 million following last weekend’s destructive hailstorm.

Damage in Queensland and NSW from the hailstorm accounts for $180-220 million in pre-tax net costs, with the next largest impact of $30-$50 million resulting from eastern states storms on October 20.

As of today, Suncorp had received around 6400 claims related to the hail, comprising about 3300 motor claims, 2800 home claims and 300 commercial claims. Numbers are expected to rise.

Suncorp’s natural hazard allowance for this financial year is $950 million, divided equally between the first and second halves.

Other event impacts in the total outlined today include $12 million from New Zealand North Island flooding in July and $5 million from the Lake Ohau bushfire last month.

A NSW and Queensland low in July cost an estimated $24 million, while storms in August cost a combined $26 million.

The group says its comprehensive reinsurance program is strengthened by aggregate excess of loss protection, which provides $400 million of cover in excess of a $650 million retention, with an event deductible of $5 million.

The maximum retention for a single event in Australia is $250 million under the main catastrophe program.

The Insurance Council of Australia reported yesterday that insurers have received more than 22,500 claims from the southeast Queensland hailstorms, with losses estimated at $260 million. The event has been declared a catastrophe.