Estimated insurance losses from Tropical Cyclone Marcia in Queensland now stand at $130.5 million, with 17,400 claims lodged, according to the Insurance Council of Australia.

That number is growing steadily as brokers file claims for commercial clients, a spokesman told insuranceNEWS.com.au.

Suncorp says its claims are expected to number more than 10,000 and cost $120-$150 million.

Most claims across Suncorp, AAMI, Apia, GIO and Vero relate to damaged homes in the central Queensland towns of Rockhampton, Yeppoon, Biloela and Maryborough.

Group CEO Patrick Snowball says due to the impact of Marcia last month and the Brisbane hailstorm last November, Suncorp is unlikely to reach its return on equity target of 10% this financial year.

The group estimates natural hazard expenses so far this financial year of $690-$720 million. The natural hazard allowance for the full year to June 30 is $595 million.

“It’s disappointing that our return on equity target will unlikely be met,” Mr Snowball said. “However, the group remains well placed, with a resilient balance sheet, solid underlying earnings and a strong culture focused on supporting customers.”

Suncorp has more than 30 assessors in cyclone-hit areas checking about 100 properties each day.

IAG says it has received about 3500 claims following Marcia, which will cost $60-$90 million.

About 70% are from personal insurance customers with policies under NRMA Insurance, CGU, Lumley Insurance, WFI and Coles.

More than 90% of claims so far relate to property damage from rain and wind. 

IAG says its natural peril allowance for this financial year is $700 million. The group has a separate reinsurance cover for retained perils, which provides protection of $150 million in excess of $700 million. Net natural peril claim costs in the six months to December 31 were $421 million.