The Sydney hailstorms have impacted on the bottom lines of major insurers Suncorp and IAG. The financial pain for Suncorp is between $150 million and $180 million, while IAG has paid $105 million in claims. The share prices of both companies plunged in the storm's wake.

IAG's stock plummeted to its lowest level in five years after it announced its full losses on December 17. Suncorp's market value fell 12% in the eight days after December 11.

The insurers appear to have been more fortunate with the latest devastating floods to hit central Queensland.

Suncorp CEO John Mulcahy told an investor briefing on Friday that losses will be minimal. "The most recent flooding in central Queensland has so far resulted in approximately 350 claims at an estimated cost of approximately $2 million," Mr Mulcahy said.

An IAG spokesman told insuranceNEWS.com.au there is unlikely to be a significant spike in claims once the floodwaters subside.

Insurance Council of Australia spokesman Sean Sampson says it’s too early to assess the overall extent of the insured losses as many residents are still unable to access their homes. “The floodwaters haven’t subsided so it’s too early to assess the damage.”