Suncorp and IAG say their exposure to the Sydney hailstorm last month could hit $300 million.

More than 30,000 claims, mainly for home and car insurance, were received by the two insurers from the hailstorm on February 18.

Suncorp, which has AAMI, GIO, Suncorp, Apia, Shannons and Bingle, expects the claim costs to be between $150 million and $170 million.

IAG today says its 20,000 claims have a maximum possible net exposure of $200 million.

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