The Insurance Council of Australia (ICA) says the NSW/Queensland catastrophe could be one of the most significant flood events the country has ever faced.

ICA statistics show insurers have so far received 86,703 claims – a 28% increase on Friday’s claims count. Based on previous flood events the estimated current cost of claims is $1.3 billion.

S&P Global Ratings warned the eventual cost could reach $2 billion, and broker Marsh told insuranceNEWS.com.au large commercial claims might push the total insured loss even beyond this figure.

“As expected, claims continue to grow from this widespread event, which is shaping up to be one of the most significant floods this country has experienced,” ICA CEO Andrew Hall said today.

“We will always have extreme weather in Australia, but if we want different outcomes the future Australian governments must increase investment in measures to retrofit homes and better protect communities.”

ICA and insurers have a presence at “a number of recovery centres”, however the large number of impacted towns across two states means insurers may not be at all recovery centres at all times.

“The ICA and insurers are now on the ground in a number of locations supporting communities in their recovery,” Mr Hall said.

“We continue to hear reports that some customers are uncertain about whether to discard destroyed property.

“Insurers are encouraging customers to take photos and video and retain serial numbers and other identifying information if it is known, however they are not required to retain destroyed property, particularly if doing so would cause a health risk.”

Severe weather warnings are in place today for heavy rainfall across parts of NSW.