It could be weeks or even months before the final cost of Hurricane Gonzalo is known as claims continue to come in, according to one of the Island’s insurance companies.

The Colonial Group opened for business on Saturday morning and since then has seen about 200 claims, mostly for damage to homes.

Paul Brierley, Colonial’s executive vice-president, Property and Casualty, said today: “We had approximately 100 claims today and we are continuing to process them as quickly as possible.”

Hurricane Fabian was the most recent comparable storm and caused about $300 million in damage. However Mr Brierley said: “It is far too early to say what the final cost of Gonzalo will be. The damage is still being assessed.”

It is thought that Tropical Storm Fay may have reduced the sea temperatures helping to lessen the impact of Hurricane Gonzalo.

Mr Brierley added: “Some people suffered very severe damage, but I think we all thought Gonzalo was going to be much more serious. Many people were obviously very well prepared.”

The news came as Argus Group announced it had already started making payments to customers for both TS Fay and Hurricane Gonzalo.

The firm opened up its offices on Saturday morning and Argus representatives began visiting affected homes and assessing damage.

A total of five loss adjustors have been drafted in from overseas to help process claims and will remain on the Island until all claims have been reviewed.

Argus CEO Alison Hill said: “More than 30 Argus employees were working over the weekend to ensure all client enquiries were addressed in a timely manner.

“Our focus today and throughout the week is on making payments as quickly as possible in order to help our clients rebuild following the hurricane.”

And she said the firm advised its clients to take pictures of damage to property and to obtain estimates for repair work before signing contracts.

Ms Hill added that Argus customers should not pay for work up front, but settle bills on completion of repair work.