The wild weather that lashed parts of NSW and Victoria last week will not be declared a catastrophe, a spokesman for the Insurance Council of Australia (ICA) told insuranceNEWS.com.au.

He says that despite the damaging winds and heavy rain which downed trees, damaged buildings and caused power outages, the quantity and magnitude of claims was minimal.

It is good news for the major insurers, with second-half catastrophe budgets largely intact only weeks out from the end of the financial year.

An IAG spokesman told insuranceNEWS.com.au “it has not been a big event from a claims perspective”, with the insurer receiving around 300 related claims in total.

The message was echoed by Suncorp, with a spokesman saying claims numbers are “very minor”.

Financial Services Minister Bill Shorten nevertheless issued a statement calling on insurers “to meet their obligations with proper consideration to families” over the event.

He says insurers should “exercise diligence and compassion during this difficult time”.