A run of four serious hurricanes so far this year was expected to generate more than one million claims in the US alone, and leave insurers with losses topping $20 billion.

Bermuda insurers have not yet released complete estimates of their exposure from the unprecedented storm activity this season, but it is known that the market has been badly hit, with most players already posting multi-million dollar losses estimates from the season's first hurricanes, Charley and Frances.

At least one of the Island's mutual insurers has also been hit, with a report saying Bermuda-based Oil Insurance Ltd. expects about $25 million in losses from energy claims from the season's third hurricane, Ivan.

This month, New York-based Insurance Information Institute (III) said the four hurricanes that have ripped across the Caribbean and the southern US so far this season ? Charley, Frances, Ivan and Jeanne ? reported that more than one million claims were expected in the US alone, which was said to be "a new record for the number of claims in such a short time".

The storms have collectively caused thousands of deaths and the estimates for insured losses from all four storms top $20 billion, according to leading ratings agency Standard & Poor's (S&P).

Yesterday, S&P said the property/casualty insurance market was strong enough to weather the storms, but that some companies would see third quarter income, or in some cases, entire 2004 year profits, wiped out from this season's hurricane claims.

Bermuda re/insurers are due to report on third quarter earnings in late October and early November.

Estimates for insured losses from the latest storm, Hurricane Jeanne, appear to be averaging about $7 billion, according to S&P.

"These, combined with the estimated insured losses from the three earlier storms, would give a total insured loss from all hurricanes this season in the low $20 billions." S&P said in real terms, or after adjustment for inflation, the insured losses this year rival the level of losses seen after devastating Hurricane Andrew in 1992, which resulted in adjusted losses of more than $20 billion from 700,000 claims.

But the S&P said it did "not have concerns about the solvency of any of the property/casualty insurers it rates interactively.

"Certainly, most companies' earnings will be adversely affected by the storms, with anywhere from one quarter's to one year's earnings being absorbed by the losses," said S&P credit analyst Thomas Upton.

Meanwhile, a report on CBS MarketWatch said Bermuda-based Oil Insurance Ltd., a mutual owned by oil companies including ChevronTexaco expected $25 million in losses from Ivan, according to John Thomson, senior vice president in charge of claims.

Ten members have reported damage and five platforms insured by the group are missing, he added, but said it could have been much worse.

"At first Ivan had all the makings of a perfect storm, and we were prepared for Armageddon," said Mr. Thomson. "After it passed, we actually ended up with a surprisingly small amount of damage."

Losses were also mitigated by the fact that platforms in the Gulf of Mexico are generally older and smaller than in other areas of the world such as the North Sea, Mr. Thomson pointed out in the report.

Also on the energy side, Bermuda giants ACE Limited and XL Capital were also said to have exposure to energy claims from the hurricanes.

Meanwhile, Bermuda-based reinsurer Partner Re yesterday estimated that claims relating to its exposure to Hurricane Ivan are expected to be between $35 and $45 million, with the loss split equally between US and Caribbean exposures.

The company said its loss estimates from Ivan were based on an analysis of both its US and Bermuda operations and its own estimate of industry insured losses of approximately $4.5 to $6 billion.

The company also revised its estimate of claims relating to Hurricane Charley to approximately $27 million, down from the initial estimate of between $35 to $45 million. PartnerRe estimated that claims from Hurricane Frances will be less than $25 million.

PartnerRe president and CEO Patrick Thiele said: "This quarter has been very active in terms of named storms both in the Atlantic/Caribbean region and in the Pacific. We expect third quarter results to be impacted by our exposure to this accumulation of loss events. Our ability to reach our plan for 2004 of a minimum of $6.90 in operating earnings per share will be dependent upon our exposure to Hurricane Jeanne and large loss experience for the remainder of the year."