The Insurance Council of Australia (ICA) now estimates the cost of recent east coast flooding at more than $2.43 billion from 173,346 claims lodged so far.

The estimate is up 2.5%, or 4295 claims, from its previous estimate, with the claims composition 79% property, 15% motor and 6% commercial and other.

Queenslanders have so far made 94,593 claims totalling $1.32 billion, of which 76,687 were property and 11,792 motor.

NSW flood victims have made 78,753 claims valued at $1.1 billion, made up of 61,377 property and 13,612 motor.

The severe weather system in March brought so much rain to the north-east of Australia that Brisbane received 80% of its annual rainfall in just three days, rivers burst their banks and at least 15,000 houses were flooded.

The storm stretched south, inundating Lismore in northern NSW where the local river reached water levels of over 14 metres and hundreds of people had to be evacuated. The floods caused chaos in Sydney, and 22 died as a result of the event.

IAG, Suncorp and QBE have said in recent weeks that the claims impact will be limited because of reinsurance programs.

ICA has called for $2 billion to be spent over five years on resilience funding which it says would save governments and households at least $19 billion to 2050.