International insurance companies are expected to pick up 50 percent of the bill from Superstorm Sandy — which is estimated to be $8 billion but could hit $10 billion.Bermuda’s reinsurers are on the hook for at least $3 billion.Speaking at the Insurance Regulation Forum in New York this week, Brad Kading, president of Association of Bermuda Insurers and Reinsurers (ABIR), waved the flag on behalf of reinsurers and what they provide to the US.“Hurricane Sandy underscores the important role that international reinsurers play in times of crisis,” he said. “Global reinsurers are financially strong and have substantial capacity to support US insurance companies as they review their portfolios in light of claims. In fact, Bermuda’s reinsurers are the largest suppliers of catastrophe reinsurance to US insurers and have an excellent record of claims payment. With the potential losses from extreme weather on the rise, the need for global reinsurance will continue to expand.”Mr Kading cited a recent report by the catastrophe risk management firm Karen Clark & Company, based on an analysis of more than a century of hurricanes, warns that the United States can expect insured losses of at least an average of $10 billion from a hurricane every four years.“Simply put, the less insurance capacity we have to remedy the damage from these storms, the higher the costs will be for US consumers,” he said. “As we reflect on the disastrous events of last year and anticipate future catastrophes, it is clear that the nation needs a robust insurance market that is open to as many competitors as possible and encourages direct foreign investment. If perceptions of risk increase, or consumer demand is amplified, international reinsurers are ready to meet the markets needs.”