Claims from the Queensland floods are expected to exceed $1.5 billion – but this doesn’t include claims from mining and heavy industrial sectors, which are expected to be massive.

LMI Group MD Allan Manning says his office is handling several large flood-related claims, but couldn’t hazard a guess at the total value.

“But it would be in the tens of millions of dollars,” he said.

Insurers contacted today by insuranceNEWS.com.au have said it’s too early to estimate the cost of the claims they are receiving. Assessors are in the field and many claims – particularly from businesses – are expected to trickle in over coming weeks.

The Insurance Council of Australia (ICA) says more than 38,460 claims have been received so far by insurers.

Excluding mining and industrial losses, 46% of claims so far are for residential property, 25% for residential contents, 10% for commercial property, 11% for vehicles, and 8% for other classes, including business interruption.

ICA says 53% of the claims are from Brisbane, 17% from Toowoomba and the Lockyer Valley and 30% from the rest of Queensland.

IAG has so far received about 5000 claims, and a spokesman told insuranceNEWS.com.au some covered claims have already been paid.

“Our people are working tirelessly to help customers,” he said. “We’re in regular contact with all our customers who have lodged a claim to keep them informed of our assessing progress.”

The spokesman also says additional IAG claims staff have been sent into the impacted communities and assessments are under way, with priority being given to customers with the most “critical” damage.

Suncorp spokesman Michael Sopinski told insuranceNEWS.com.au the group is well provisioned and is experienced in managing major events such as the floods.

He says a total of 14,000 claims have already been received and more than 2500 specialist claims staff are currently servicing affected customers.

“We have drawn on additional national and international assessing resources with a team of 100 assessors currently in the field,” Mr Sopinski said.