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Flood damage could cost $200 million


The estimated cost of floods caused by ex-tropical cyclone Oswald stands at nearly $200 million, as insurers continue to field new claims.

Insurance Australia Group said on Wednesday it had received a further 4,500 claims from flood victims in NSW and Queensland in the past 24 hours.

The owner of the NRMA Insurance and CGU businesses has now taken 6,500 claims related to ex-tropical cyclone Oswald, which has impacted much of Australia's east coast in the past week.

IAG said it was still too early to determine the cost of the natural disaster, but its reinsurance program limits its exposure to $150 million.

The Insurance Council of Australia said about 21,900 claims from Queensland had been lodged to insurers, with estimated losses at $187 million.

In NSW, about 2,000 claims have been lodged, worth an estimated $10 million.

Shares in Australia's major insurers fell heavily on Tuesday, but recovered most of those losses in early trade on Wednesday.

IAG shares were up four cents at $4.97 at 1103 AEDT, Suncorp was up 21 cents at $10.91 and QBE was up 38 cents at $11.66.