Munich Re has announced it has taken a $35.7 million hit because of Hurricane Fabian, the second reinsurer to report multi-million dollar losses because of the Bermuda storm.

The first was PartnerRe, which said its exposure to Fabian would come in at about $18 million back in September.

The estimated cost of the damage to Bermuda from the hurricane that hit on September 5 with winds up to 140 miles an hour is $200 to $225 million, according to local insurance industry sources.

Of this between $120 to $125 million is for buildings and goods insured with local insurance companies and between $80 and $100 million insured overseas.

According to Finance Minister Eugene Cox, the cost of Hurricane Fabian to the public sector was $45 million, and out of this figure $30 million was insured.

It is not known how much of this is reinsured in Bermuda and estimates from other reinsurers are yet to be made public.

However, industry sources said they thought the insurance market at Lloyd's of London could also be faced with a multitude of reinsurance claims from local insurers following the devastating hurricane that left thousands of properties damaged.

Munich Re, which this week released its third quarter figures, said that losses from natural catastrophes contributed 1.4 percentage points to the combined ratio in the first nine months.