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Stonegate’s case is seen in the market as a key precedent for the aggregation of BI claims.
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The federal flood insurance program’s claims count has stepped up from 25,000 a fortnight ago.
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The states of Victoria, New South Wales and Northern Tasmania have all been struck by floods.
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The state-backed insurer's claims tally was just over 47,000 this morning.
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The carrier is the latest in a string of primary insurers to provide loss estimates.
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So far, the company has received nearly 12,000 claims associated with the storm.
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The insurer has received roughly 19,000 claims to date and estimates it will receive 27,000 to 30,000 claims.
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The company estimates its overall gross loss to be approximately $1bn, below its $3bn overall reinsurance tower.
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The risk modeler estimated the NFIP could take $10bn additional losses from storm surge and inland flooding.
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The state insurance body received reports of 375,293 claims as of 6 October.
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The carrier has under 3% market share in Florida homeowners’ business in 2021.
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The estimate includes wind loss, re-evaluated insured and uninsured storm surge loss and newly calculated inland flood loss for residential and commercial properties.