Insurers have estimated the damages bill from the bushfires in New South Wales (NSW), Australia at A$70m (£24.9m), and warned that it could rise further.
Reports indicate that several large commercial losses, coupled with claims expected from homes destroyed since Wednesday, prompted the industry to increase the estimated insurance costs by A$20m (£7.1m).
The national co-ordinator of Australia's Insurance Disaster Response Organisation, Christopher Henri, said the insured losses from the fires now exceeded the A$56m (£19.9m) for the NSW bushfires of 1994.
"Insurers have now received about 2,000 claims and we expect that this number will increase considering that fires have destroyed even more property and as people return from holidays and start rebuilding their lives," Henri said.
Between 160 and 170 homes have been destroyed in the past 11 days. Apart from commercial claims, claims have been received for damage to home, contents and motor vehicles.
About 15,000 people are involved in fighting the blazes.
