[1332] Nuxtjs + Vue-svg-loader

I am trying to integrate https://www.npmjs.com/package/vue-svg-loader for loading SVG icons inline as vue components.

I have the following in my nuxt.config file:

{
    test: /\.(svg)$/,
    loader: 'vue-svg-loader', // `vue-svg` for webpack 1.x 
 }, {
    test: /\.(png|jpe?g|gif|svg)$/,
    loader: 'url-loader',
    exclude: /(\/icons)/,
    query: {
        limit: 10000, // 10KO
        name: 'img/[name].[hash].[ext]'
    }
}

It seems that the svg files are still being converted to base64 by the url-loader even though I have excluded the path to the svg directory.

Is there a different way to overwrite the url-loader to ignore svg files?