Insurers do not expect losses arising from the Asian tsunami to top the hurricane bill.
In a statement Lloyd's said it would be closely monitoring the situation in Asia, but expects its exposure to be “limited to holiday resorts, personal accident, travel insurance and marine risks.”
Lloyd's said it was in communication with businesses to establish a figure, but “this could take some time.”
According to the International Underwriting Association (IUA) the insured losses “are expected to range between $5bn and $10bn.”
Swiss Re has put its costs at no more than $46m, while Munich Re also put a £100m cap on the final figure.
In a statement Munich Re said: “The insurance penetration is relatively low and the insured property is likely to be limited due to the sparse concentration of values.”
The company said 2004 was the costliest year for natural catastrophes, with losses in the US exceeding $35bn.
