Bermuda's insurance industry may have to pay out as much as $2.83 billion for claims due to the devastation wreaked by Hurricanes Gustav and Ike.

Axis Capital Holdings Ltd. led the way with combined estimates for both hurricanes of between $310 million and $430 million.

Broken down, that includes a preliminary net loss estimate for Gustav of between about $25 million and $45 million, with Ike accounting for $285 million to $385 million.

Next up was Ace with up to $315 million in estimated losses.

So far 15 companies have reported their loss estimates resulting from damage caused by the hurricanes.

RenaissanceRe came in third highest, with overall losses from the storms predicted to run to around $275 million, closely followed by XL Capital Ltd., which forecast the hurricanes would cost the company between $195 million and $270 million, from $30 million to $35 million for Gustav and $165 million to $235 million for Ike.

Everest Re Group Ltd. announced preliminary loss estimates of $200 million to $220 million for the effects of Gustav and Ike, while Partner Re Ltd. puts a price tag of around $175 million to $210 million for Ike and up to $45 million for Gustav.

Meanwhile Validus Holdings is eyeing a loss of about $185 million from a combination of the two hurricanes, and Arch Capital Group posted loss estimates in the ballpark figure of $105 million to $180 million, split between $90 million to $150 million for Ike and $15 million to $30 million for Gustav.

Aspen Insurance Holdings Ltd. came in with estimates of approximately $141 million and $14 million for Ike and Gustav respectively, with Endurance Specialty Holdings Ltd. predicting the hurricanes would set the company back by around $145 million.

Flagstone Reinsurance Holdings Ltd. could be set to pay up to the tune of about $85 million for both storms, $30 million for Gustav and $55 million for Ike.

Other companies exposed to potential losses include Platinum Underwriters Holdings Ltd. ($105 for Gustav and Ike), IPC Holdings Ltd. ($90 million), Allied World Assurance Co. ($80 million), and Max Capital ($35 million to $50 million).