Wildfires in Australia that have claimed 166 lives and couldunofficially cost more than Australian $500 million (U.S. $340million) in insured losses according to one report, but thenation's insurance council said it is too soon to put a figure onthe losses.

The Insurance Council of Australia said while it is too earlyfor a dollar estimate it is listing the Victoria State fire as acatastrophe loss. The Insurance Council classifies a catastrophe atinsured loss of more than Australian $10 million.

"As general insurance industry statistics on the number ofclaims and insurable costs are collated they will be released bythe Insurance Council of Australia in line with its CatastropheCoordination Arrangements," Kerri Kelly, chief executive, said in astatement.

The Sydney Morning Herald reported an analyst estimated theinsured loss at Australian $500 million, with total loss at overAustralian $2 billion (U.S. $1.36 billion).

AIR Worldwide said that nearly 550,000 acres had been burned andmore than 800 homes lost with fires burning around Melbourne. Twotowns, Kinglake and Marysville, were totally destroyed.

Risk Management Solutions said the last major fire outbreak wasin 2003 when 500 homes were destroyed in the outskirts of Canberrawith insured losses of Australian $350 million ($238 million).

According to a report issued to the Victoria Department ofSustainability and Environment, the median price for a home acrossVictoria was Australian $322,000 ($218,780). The total loss of 800homes at the median price would amount to Australian $257.6 million($175 million).

That figure does not include the loss of commercial property,auto or lives lost.

The 166 dead were reported by the nation's ABC Radio station,which also reported that arson is suspected and the fires are beingtreated as crime scenes. It also quoted government officials sayingthe fires would take weeks to contain.