years should receive a break in 1995.

The good news came yesterday from BF&M Insurance Group president Mr. Glenn Titterton.

"We as a company are not anticipating further increases,'' he said.

Managing Director of Argus Insurance Mr. John Sainsbury agreed, saying: "We have every hope there will be no more nasty surprises.'' This year companies were hit by increases of up to 50 percent, and home owners also faced steep rises. These followed large hikes in 1992.

Insurers blamed disasters like Hurricanes Andrew, Hugo and Gilbert, and earthquakes and floods for sending "wind-storm'' rates soaring worldwide.

They claimed reinsurers were financially battered by such disasters, forcing local insurers to push domestic rates up.

Yesterday one businessman, who asked not to be named, told The Royal Gazette he faced a 35 percent rise this year.

"The insurance company told me they were putting up rates despite the 54 percent increase last year in our premium.'' President of the Bermuda Chamber of Commerce's sales division Mrs. Nancy Gosling said the hikes had had a "terrible'' effect on businesses.

"It has hurt their bottom lines. It has hit their overheads. But it has been something they have had to swallow.'' Mrs. Gosling said she understood the predicament local insurers found themselves in.

"I understand why it is happening. I don't accuse them of trying to rake in record profits.'' She accepted reinsurers had been hit hard by natural disasters.

Mrs. Gosling said property owners could decide to opt out of wind-storm insurance.

But it was not a move she would recommend.

Mr. Titterton said some property owners now were experiencing the "tail end'' of the cycle of increases.

The cycle ended in February or March next year, and no increases were anticipated in the next one since reinsurers had built up their resources again, he added.

But, naturally, another major disaster could alter the picture.