The third hurricane to the hit the Caribbean and the United States this season could push hurricane losses towards $20bn.
Accrued losses from Charley, Frances and now Ivan could add up to one of the worst catastrophe years the insurance market has suffered since Hurricane Andrew in 1992.
A spokeswoman for Risk Management Solutions said: "We are estimating total damage from Hurricane Ivan to be from $3b to $6b."
Costs of this level will add to the $7bn damage bill estimated for Charley and the $3.5bn cost of Frances, with a corresponding effect on the insurance markets.
A senior underwriter said: "With reinsurers now offering more global coverage there will be in an impact on the UK insurance sector despite this being a US loss.
"But rather than seeing rates soar they like they did after the World Trade Center it is likely to lead to a reversal of the recent price decreases, particularly in property."
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
