Insured losses from last month’s Brisbane hailstorm are approaching the $500 million mark.

The Insurance Council of Australia’s latest figures – released on Thursday, a week after the storm – show 68,981 claims lodged, comprising 17,509 house and contents claims and 51,472 motor vehicle claims. Estimated insurance losses then stood at $482 million.

Suncorp Group has received 25,000 home, motor and commercial claims, mostly for motor vehicles covered under the Suncorp, AAMI, Apia and Vero brands. It is assessing 100 home claims a day, while its “mass assessment centre” in Fairfield is processing 1200 vehicles daily.

Suncorp has a reinsurance program that will limit the financial impact of natural hazard events to a maximum of $250 million.

It has told the Australian Securities Exchange it expects final claims to reach $250 million. Suncorp makes provisions for natural hazards, and has an allowance of $595 million this financial year.

IAG had received 15,300 claims for damage as of last Monday, mostly from personal insurance customers under the NRMA Insurance, CGU, Lumley Insurance, WFI and Coles brands.

About 12,000 of the claims relate to hail damage to motor vehicles. 

The group’s current expectation is the storm will result in net claims of $140-$170 million.

IAG’s natural peril allowance for this financial year is $700 million. Reinsurance provides protection of $150 million in excess of $700 million.

The insurer has set up five motor repair centres in Brisbane, which together complete more than 500 assessments a day. 

The last major hailstorm to hit in Brisbane, in November 2008, caused insured losses of $355 million.

Last month’s event is one of the most expensive this century, behind the March 2010 Perth storm ($1 billion) and the Christmas Day 2011 Melbourne storm ($728.6 million), according to Insurance Council of Australia data.