Suncorp Metway Ltd is tallying the claims from the the Victorian bushfires and Queensland floods and says it is too early to estimate costs from the events.

Suncorp spokesman Jamin Smith told AAP it is too early to assess the claim numbers and costs from Victoria’s bushfires over the weekend, and accurate numbers on claims from Queensland’s floods will not become known until the flood waters recede.

An estimate on the number of claims will be available later this week, he said.

Suncorp has exposure to both events through its general domestic insurance products and commercial property insurance products and will update the market on cost estimates once they become available, Suncorp said.

The company offers insurance products under the AAMI, GIO and Suncorp brands.

The costs of both events will be capped at $250 million under Suncorp’s recent change to its aggregate catastrophe reinsurance cover for multiple separate claims events costing over $10 million.

This arrangement has been in place since last month and means Suncorp’s aggregate cover for multiple events stands at $250 million over the course of the year, Mr Smith said.

Suncorp’s panel of reinsurers includes the world’s largest reinsurers such as Swiss Re.

AAP