Munich Re could fall short of its full year profit target of ¤2bn (£1.4bn) as a result of the recent hurricanes.

The reinsurer said that its losses for the four hurricanes stood at around ¤500m. As a result, its target for the full year would be "much more difficult to achieve".

It estimated the total insured loss from the four hurricanes at $20bn-$35bn for the entire industry.

Hiscox said the hurricanes would reduce its operating profit by £25m for the year to 31 December.

Brit said its pre-tax profits for the full year would be reduced by £35m due to the hurricanes, while Kiln also said its 2004 pre-tax profits would be hit by an estimated £10m to £15m as a result of the hurricanes.

Chaucer added that its budgeted profits before tax for the year to 31 December would be reduced by £10m-£15m. But it ditched plans to reduce the capacity of Syndicate 1084 from £400m to £375m for 2005, and will maintain capacity at £400m.