Insurance companies are in line for a major slice of the $494.6 million Black Saturday bushfire settlement, the largest class action settlement in Australian legal history.

The class action against electricity provider SP Ausnet, maintenance contractor UAM and the Victorian Government was led by law firm Maurice Blackburn.

A total of 24 insurance companies provided funding support for the litigation in a bid to recover some of the claims paid out to victims.

It is understood the insurers’ share is around $140 million.

“This has been without doubt the most active participation we have had from insurers,” Maurice Blackburn National Head of Class Actions Andrew Watson said.

The 2009 bushfire disaster in Victoria’s Kilmore East and Kinglake regions, which killed 119 people and destroyed 1242 properties, was the subject of a 16-month trial in the Supreme Court of Victoria.

Mr Watson says it was the “hardest fought, longest and most difficult case” he had been involved with

The settlement – which does not include admissions of liability by the defendants – is subject to court approval. It will then take 12 to 18 months for claims to be assessed and the settlement distributed.

More than 10,000 claims are attached to the class action.