Bushfires in Tasmania and Victoria are estimated to have caused almost $60 million in damage, the insurance industry says.
The Insurance Council of Australia says preliminary data shows more than 510 claims have been received from Tasmanian bushfire victims, with losses estimated at $49 million.
More than 100 properties in the island state have been destroyed.
ICA chief executive Rob Whelan says the area declared as a catastrophe is likely to expand.
The number of claims is also expected to rise once people begin returning to their homes.
Mr Whelan said insurance staff are on the ground in recovery centres helping policy holders with their inquiries.
In Victoria, initial estimates put the bushfire damage at $9 million.
"A small number of properties near Chepstowe, including a homestead, have been destroyed," Mr Whelan said.
"Insurers continue to monitor the situation and are ready to respond to any developments."
In NSW, no significant property loss has been recorded, despite there being more than 140 bushfires on Tuesday.
However, Mr Whelan said property owners must stay on guard, with hotter temperatures expected to return.
The ICA says it is continuing to monitor the situation across Tasmania, NSW and Victoria and remains in contact with emergency services.
A disaster hotline for bushfire affected people is available on 1800 734 621.