The insurance bill for the hailstorm that pummelled parts of Sydney and the Illawarra on February 18 has passed $350 million, according to latest figures from IAG and Suncorp.

IAG today announced it has received more than 20,000 claims, expected to cost $160 million, and its net exposure could reach $200 million after allowing for reinsurance.

Suncorp has received about 11,000 claims across its insurance brands, at an estimated cost of $150-$170 million.

The Insurance Council of Australia says 48,000 claims have been received for the hailstorm, with 38% for damage to motor vehicles, while roofs and incidental contents claims account for the rest.

IAG is close to its 2016/17 natural perils allowance of $680 million, reaching about $650 million at the end of February. However, a 2016/17-specific natural perils cover of $96 million effectively extends the allowance to $776 million.

Suncorp’s total natural hazard claims stand at $610-$630 million for the eight months to February 28.