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Wreck removal, if required, would generate a separate $50mn-$100mn claims bill for the P&I market.
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A high proportion of the more than $3.5bn economic losses caused by April severe weather will be insured, the broker said.
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The total cost of repairs could be as much as $490mn, although the ultimate size of the claim remains unclear.
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Most damage to private and commercial property was covered, but agriculture losses were uninsured.
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The firm reported an industry-wide loss of $36.8bn caused by the pandemic, up from $29.5bn in Q3.
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The initial loss figure was A$1.23bn, with a second report putting the loss at around A$1.3bn.
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The Earthquake Commission paid eye-watering increases in the years following the events.
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The operation was roiled a year earlier by Puerto Rico earthquake claims.
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The February Deep Freeze has already pushed cedants to access reinsurance, adding fuel for rate rises later this year.
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Claims from Winter Storm Uri will cost the carrier about $43mn, before tax.
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Most of the loss comes from BI, with the remainder split between physical damage and extra expenses.
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Property losses make up 96% of claims.
