Suncorp says the southeast Queensland hailstorm catastrophe is likely to have a net cost of $350 million when taking its reinsurance program into account. 

The insurer had received more than 10,000 claims across home and motor as of 4pm last Wednesday, it said in a statement to the Australian Securities Exchange.

“Although still early in terms of assessment, the net cost to Suncorp is expected to be $350 million, having reached the reinsurance maximum event retention.”

Natural hazard net costs from July 1 to November 25 are estimated at $1.15-$1.275 billion, mostly from NSW and Queensland storms on October 25 and November 25.

New Zealand events include storms in October, estimated at $15-$25 million, and hail this month costing $10-$15 million.

Suncorp has a total natural hazards allowance of $1.77 billion this financial year.

The company says its reinsurance retention for a next large event in Australia is reduced to between $240 million and $280 million, reflecting estimated costs from October severe thunderstorms in the east and the recent large events.