The cost to families and businesses hit by floods in the Indian city of Mumbai (Bombay) could hit 20bn rupees (£260m), the Financial Express paper has said.
Mumbai was struck by a further downpour on Monday
Floods triggered by torrential rainfall in the city over the past week have left nearly 1,000 people dead and shut banks, offices and schools.
The Mumbai stock market was temporarily forced to close but reopened on Friday.
The rainfall, the heaviest in a century, follows severe flooding last month in neighbouring Gujarat state.
Mumbai suffered a fresh downpour on Monday which closed key roads and disrupted train services.
Further heavy rain is forecast over the next 24 hours.
Large parts of the city have been paralysed after 944 millimetres (37.1 inches) of rain fell on 26 July.
The Financial Express newspaper quoted state officials as saying that the financial damage from the flooding could rise to 20bn rupees.
"Reports of losses are still coming in," said Vilasrao Deshmukh, Maharashtra state's chief minister.
"The revised sector-wide losses are projected to be 20bn rupees."
According to the newspaper, India's four biggest private insurers - ICICI Lombard General Insurance, Iffco-Tokio General Insurance, Bajaj Allianz General Insurance and Tata AIG General Insurance - have received claims for damages totalling 10bn rupees.
State-owned insurers have received similar claims, it reported.