The Victorian floods have resulted in 5000 claims worth $20 million, according to figures released to insuranceNEWS.com.au this morning by the Insurance Council of Australia.

The threat of flooding in many Victoria towns has receded, although as swollen rivers flow into the Murray there are still warnings of further flooding along the river.

It’s now expected that flooding on the Murray River will peak tomorrow and the towns of Echuca, Kerang and Swan Hill remain on flood watch.

A Wesfarmers Insurance spokesman told insuranceNEWS.com.au 300 claims have been received so far from Victorians, although no figure has been put on the cost of the claims.

Calliden Group says it has received 90 claims with the total gross estimate being less than $400,000. CEO Nick Kirk says the figures will continue to be updated as the floods spread in Victoria, but Calliden has limited exposure in the area.

Some insurers have declined to comment on the situation to insuranceNEWS.com.au, presumably because their policies have varying approaches to flood.