Queensland's premier says the damage bill from a heavy thunderstorm that hit on Thursday with cyclonic winds and softball-sized hail could reach NZ$160 million.
The "supercell" storm smashed through Brisbane, leaving more than 100,000 properties without power, public transport stopped, homes and cars damaged and trees uprooted.
Twenty nine people were treated for minor injuries.
The Insurance Council of Australia received more than 15,000 claims totalling about $NZ120 million and declared the storm a catastrophic weather event, the ABC reported.
State premier Campbell Newman said because there was so much damage, it would take some time for insurance companies to total up the bill.