The fire, which was hot enough to melt aluminium, engulfed seven floors of the multi-storey vehicle park on the city's waterfront.
Initial investigations indicate an accidental fire within the Land Rover caused other cars to ignite.
The Association of British Insurers (ABI) estimated the claims figure following the 1,000-degree Centigrade blaze that took hold of the Liverpool Echo Arena's auto park during the final event of the four-day Liverpool International Horse Show.
The multi-story garage is next to the arena, which was hosting the Liverpool International Horse Show when the blaze broke out.
"It was all insignificant as long as everyone was OK and we could get the horses out".
At times, 21 fire engines were on site to tackle the blaze, working all night alongside police, ambulance and the staff of ACC Liverpool, which operates Echo Arena.
An estimated 1,400 cars were destroyed in a huge fire that raged through a multi-story parking garage in the northern English city of Liverpool. The popular horse show was cancelled because of the fire, which was brought under control early Monday morning. Liverpool city council set up temporary accommodation for people who were unable to travel home after their vehicle was destroyed.More news: Kevin Gates Released From Prison
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Ticket holders are being refunded.
"We are extremely thankful to the emergency services for their efforts".
Merseyside Police tweeted in the early morning of January 1: "Joint working at its best". All horses were successfully evacuated from the carpark and then removed from the stables after smoke spread to them.
Hoardings are set to go around the building from this weekend, following the devastating blaze on New Year's Eve.
"We believe that all vehicles parked in the auto park have been destroyed and advise owners to contact their insurance companies", Merseyside police said in a statement to the media.
Barbour said the incident shouldn't belie "what we achieved in the first five sessions of the show, and we will be back to do it again next December". "We will continue to communicate with all our clients who are organizing forthcoming conferences, exhibitions and entertainment events as well as customers and delegates".