Hurricane Fabian could blow a $100m-$150m hole in insurers' reserves with the destruction it caused when it swept across the island of Bermuda on Friday.
The tropical storm was the strongest to hit the offshore insurance capital for 50 years, battering the island with 120mph winds.
Early estimates suggest 10% of the island's housing stock was damaged, while many hotels will have to close for months for repairs.
An efficient clean-up operation by Bermudian authorities saw the island's internal communications quickly restored. However damage to a causeway leading to the airport meant international flights suffered disruption for days.
Industry analysts estimate the bill for the clean-up and business interruption claims could be more than twice the $60m Hurricane Emily cost 16 years ago.