That is the view of local businessmen who feel that much of the damage in Florida during Hurricane Andrew could have been avoided, but it only succeeded in raising worldwide insurance rates.

And those local merchants have disputed estimates of insurance increases made by insurance companies.

They say the 40 to 50 percent rises are more like 100, 150 or even 300 percent in some commercial properties in Hamilton.

Yesterday, Argus Insurance managing director Mr. John Sainsbury and BF&M President Mr. Glenn Titterton told the Royal Gazette that wind-storm insurance was rising as a result of worldwide disasters.

They said rises of 40-50 percent were bringing figures back up to 1980 rates and rates had been low, compared to other countries, until similar rises last year.

The rates have rocketed because of blows to the world insurance market over disasters like Hurricane Andrew, storms in the United Kingdom and Europe, as well as earthquakes and floods in various parts of the world.

Many insurance companies have gone bust but the main reinsurers are demanding rises to help them to raise capital levels in case of future payouts.

But Mr. Robin Gilbert, owner of Pirate's Port in the Bermudiana Arcade said his increase has been a tripling of his rates. Mr. Gilbert was quoted rates of $24,000 to insure the property, compared to $8,000 in the past.

When he tried other companies he found they were charging even higher rates for a first-time customer.

Chamber of Commerce retail section chairman Mr. Bobby Rego said his own Knick Knack store on Reid Street had suffered a 100 percent increase in wind-storm insurance.

He said: "I believe that every other shop in the city is experiencing the same kind of thing.

"I suppose we have to believe the reinsurers because there is no reason to believe otherwise. The local agencies do not have much choice in what they charge.

"The companies are having to build up their resources again and the only way to do that is to raise premiums.'' Mr. Rego pointed out that many Bermudian buildings could withstand strong storms and some companies were not bothering to take out wind-storm insurance at all. He said: "It is not a wise move.'' Mr. Gilbert said there had been some interest in self-insurance for some companies but in the event of a catastrophe this would never work.

He said: "If people do not insure against wind-storm you can bet your bottom dollar that there will be a disaster.'' Bermuda has escaped any major storm damage and so insurance rates have not risen because of any local claims.

Mr. Gilbert said: "We are having to pay high insurance rates because of the lack of adherence to building controls in Florida. If many of these places had been built properly they would never have seen such terrible damage.

Similarly in the Caribbean.

"This is going to cut into the bottom line of many companies and it will mean we have to continue to be competitive or customers will leave for Raleigh-Durham or New York.

"We have to keep our pencils very, very sharp but there comes a point when the pencils finally snap.'' Experts in real estate believe that while home insurance levels are lower rises in insurance on condominiums are in the region of 100 to 150 percent.

There have also been calls for a Government investigation into whether the rises should have been so high.