Insured losses against a hailstorm that pelted Lismore in northern NSW last week are likely to be small, with most insurers reporting a trickle of claims.

Lismore was officially declared a natural disaster area by the NSW Government. Despite reports of the storms being the most devastating to hit the region in nearly four decades, initial fears that they would mirror the ruinous Sydney hailstorm have been dismissed.

CGU Head of Claims Phil Gare says his company has received 1200 claims so far. "This wasn't the big one many were expecting."

QBE COO Terry Ibbotson confirmed to Sunrise Exchange News his company's exposure was even less - just under 300 claims at a total cost of about $2.5 million.

NRMA has sustained the largest number of claims, with 2800 claims since the storm. Suncorp could not be contacted, but it is believed its exposure to the storms is minimal. The Insurance Council of Australia was also unavailable for comment.