Insurers anticipate claims from flooding in Queensland and NSW will cost “tens of millions of dollars”, according to the Insurance Council of Australia (ICA).

A definite figure on insurance claims won’t be known for a few weeks as most homeowners have yet to return to isolated communities in southwest Queensland and northern NSW.

The agricultural cost is also yet to be determined, although some reports claim up to 10% of Australia’s cotton crop has been affected.

Cotton Australia is expecting 400,000 bales of cotton have been lost at a cost of $300 million.

Crop insurance cover typically doesn’t cover damage caused by weather events.

ICA spokesman Campbell Fuller says insurers now have assessors on the ground where floodwaters are receding.

“With inundation expected to continue for several more weeks, ICA expects it will take some time before an estimate of the insurance bill is available.”

IAG has so far received 600 claims, predominantly from Moree in NSW.

“Now that waters are receding assessors have been able to access impacted areas and our priority is to assist our customers with any immediate help and support they need,” spokesman Andrew Tubb said.

A Suncorp spokesman said it’s too soon to assess claims numbers or costs.