Widespread flooding in the NSW Hunter and Central Coast regions this month has produced more than $350 million in claims so far, according to the Insurance Council of Australia (ICA).

More than 33,000 claims have been lodged by policyholders, most of them with Suncorp and its recently acquired Promina subsidiary.

The bancassurance company has the highest level of exposure in the region, receiving 19,000 claims since storms lashed the region earlier this month. About 12,000 of these claims are directed to the former Promina brand agencies.

In its first full evaluation of storm-related losses from the NSW flooding, Suncorp says it will take a maximum $160 million hit to the bottom line, and reinsurance will cover any excess claims.

The majority of claims to AAMI, for example, were storm and rainwater damage, spoiled frozen food and damage from fallen trees.

Suncorp CEO John Mulcahy says the company is still counting its losses but expects to reach its maximum catastrophe reinsurance retention.

“Our event response teams, as well as builders, repairers and assessors, have been working around the clock since arriving in storm-affected areas on June 9,” Mr Mulcahy said.

ICA CEO Kerrie Kelly says its third cost prediction is based on the current level of claims received.

Insurers and loss adjusters have been on the ground for nearly two weeks assessing the damage, and talk in the affected areas suggests the final claims figure will exceed Cyclone Larry’s $540 million.

“Insurance customers are the number-one focus of the general insurance industry,” Ms Kelly said.

“Repair work is under way, and in many cases claims have been completed and paid out. Co-operation between the general insurance industry, emergency services and the NSW Government will continue as the recovery process goes on.”