Hailstorms that pounded Perth last week have reaped a damage bill of $203 million thus far, insurers say.

The March 22 storms which caused mudslides and left car yards in ruins is expected to be WA’s worst natural disaster since Tropical Cyclone Alby in 1978, which caused more than $200 million in damages (adjusted for inflation).

Insurers have received more than 42,500 claims so far, with IAG taking the lion’s share with 13,500.

The Insurance Council of Australia will release an updated claims figure later this week.

IAG has downgraded its full-year insurance margin due to an estimated $75 million in pre-tax losses. It is the second time in a month the insurer has revised its earnings estimate, following severe storms in Melbourne.

Allianz has received nearly 5000 claims at a cost of $48 million while Suncorp has received 11,000 claims but has not released a costs figure.