The insurance industry is waiting anxiously to see whether last week's catastrophic email bug is likely to result in a flood of claims.

Hiscox has already claimed that the nature of the bug – that it is catastrophic in nature and not a virus – will stop policyholders from making claims.

Julian James, managing director of Lloyd's in North America said damage estimates of the Love Bug has been put down at £10bn worldwide, most of which is uninsured.

But Royal & SunAlliance Commercial's marketing director, Carl Sinnott, admits the composite could be exposed to some claims.

He said: "We've already had 'what if' enquiries from some policyholders, but so far we have received no claims."

Potential claims will be made to RSA engineering, not the insurer's newly developed websafe policy, which only covers those involved in online trading.

The bug was unleashed on the world on Thursday last week, with reports suggesting a 23-year-old woman in the Philippines was responsible.