The cost of Hurricane Fabian could be higher than Hurricane Emily which landed the Island a $60 million bill, according to the head of one of Bermuda's largest insurance companies BF&M.

Glenn Titterton, president and chief executive officer of BF&M was reluctant to put a numerical figure on the damage yesterday as the cost of the devastation has not yet been counted.

But he said that, based on the number of expensive buildings and property that had been damaged, there would be more high ticket items billed for and the cost could soar.

"At the time of Emily we used to say that the cost was $60 million, and between $38 and $40 million of that was insured," he said. The remaining part was made up by the Government and things like the cost of the Regiment, he added. "There is a very good chance that it will be greater than that (figure) this time."

And he pointed to the huge damage at Sonesta, localised damage that meant that every other house is some areas was badly hit and things such as the luxury cruise boat Destiny being washed up - a boat that has a price tag of $750,000.

"The number of boats on the rocks is not that different but the cost of the boats is this time between $150,00 and $250,000 - more like $250,000," he said.

"Then there are things like the Trimingham's warehouse, where they are busy saving what they can and Wessex House on Reid Street which had the roof taken off."

He said that as of 4 p.m. yesterday his claims assessors had been very busy. They had already processed 500 claims and been out to about 450 properties to assess the worst of the damage, but many people had not called in their claims either because their telephones were down or because they were not aware the company had opened its offices yesterday on a Sunday.

"There were 2,500 claims during Emily, and it may be about the same this time, but we do not know yet," Mr. Titterton said.

"There are, however, a number of much larger claims than we had with Emily."

Mr. Titterton was at work in his offices yesterday and said all his staff were at work trying to help people cope with the damage.,

But he said that as insurers they were "some way away from" being able to get an accurate picture of how much this disaster would cost Bermuda.