Bermuda's insurance companies have reported an increase in the number of claims received in the wake of Hurricane Igor.

The Argus Group have been handling home, marine and commercial business claims, BF&M Ltd. has received 50 claims -mainly for boats - and Freisenbruch-Meyer Group had almost 30 minor claims as of yesterday afternoon.

But all of them said the amount of claims were much less than the level of those in the aftermath of Hurricane Fabian in 2003.

The Royal Gazette reported yesterday that the Island's insurers have been busy processing claims from policyholders who suffered damage to their homes or vehicles during Hurricane Igor.

Catastrophe modelling firm AIR Worldwide estimated that the damage caused by the storm was expected to cost insurance firms less than $100 million due to the Island's building standards to protect structures from the wind, however that figure may be much lower if local insurers' estimates to date are anything to go by.

Previously Fabian cost Argus about $2.5 million and BF&M about $3.7 million.

John Doherty, vice-president of property and casualty at the Argus Group, said: "Following the damage the island received from Hurricane Igor at the weekend, the Argus Group has been handling a number of minor claims across its home, marine and commercial lines of business.

"The volume of claims we have received is far less than the level generated in the aftermath of Hurricane Fabian. We are incredibly fortunate that Hurricane Igor was downgraded to a Category 1 storm before it reached Bermuda but the marginal level of damage to property is also testimony to the diligent efforts of residents in preparing for the hurricane.

"I am certain that the actions that people took in securing their businesses, homes, boats and vehicles helped to keep the impact of Hurricane Igor to a minimum."

John Wight, president and CEO of BF&M, said there appeared to be minimal damage to commercial and residential buildings, in part due to the precautions taken by residents to protect their properties.

"Even though Hurricane Fabian is now seven years behind us, many residents remember how putting up storm shutters and introducing other measures protected their properties," he said.

"BF&M is thus far seeing more high dollar claims related to boats than to homes or buildings. Many boats were torn from moorings and have suffered hull damage.

"Even though we are only a day and a half past the conclusion of the storm, we can say at this point that the severity and frequency of claims will be minimal as compared to what they would have been for a Category 3 hurricane such as Fabian."

Larry Osborne, vice-president of insurance operations, said that his company had received a few small claims so far, with the exception of a damaged dock which was part of a private home.

"We have got people out there now who are looking at them," he said.

"The indication from the team is that there was no roof damage and very little structural damage on commercial properties."

Mr. Osborne put the estimated losses at less than $500,000 to date, which paled in comparison to those experienced by Fabian, mainly as a result of the storm veering off to the north east at the last minute and weakening from a Category 3 to 1.

However he anticipates that more claims will file in as people assess the full extent of the damage to their boats over the next couple of days.

"It was not a big event from our point of view, but our focus is now on trying to get the claims paid as fast as we can for our clients."