The cost of flooding in Darwin from Cyclone Carlos is still being assessed as claims slowly trickle in.

By the end of last week, TIO had received 140 claims with an estimated value of $700,000, but the Northern Territory Chamber of Commerce is putting business losses at more than $15 million.

TIO CEO Richard Harding says the insurer has received a high number of calls and assessors are working through the claims.

“About 95% of the claims have been for damage to building and contents, with the remaining being for vehicle damage,” he said.

“We know a number of customers have had flood damage and I want to assure them that their TIO policy does cover them.

“At TIO flood cover means flood cover.”

Mr Harding says claims for damage to properties from fallen trees are coming in, but there had not been any reports of severe damage to city and rural personal property.

The chamber is basing its claims on lost business due to them having to close when the cyclone hovered over Darwin for a couple of days.

CEO Chris Young says it is hard to calculate the full cost of the cyclone to businesses because some businesses stayed open.

“A very rough estimate from the chamber would be that unproductive wages probably amounted to somewhere in the region of $15 million for a day.”

Mr Harding reported an increase in inquiries for flood insurance just before the cyclone struck, but these people would have remained uninsured.

“Any cover that’s placed after 72 hours from a cyclone watch being called doesn’t provide cover for that event,” he said.

Carlos is now tracking down the Pilbara coast in WA and is expected to reform into a category 3 cyclone by Wednesday when it will be passing close to Exmouth.