While previous forecasts had put the insurance cost from Rita in the range of US$5 billion to US$10 billion (euro4 billion to euro8 billion), Swiss Re said claims will be at or above the high end of estimates, mostly because of damage to offshore oil installations.

The company said Wilma, which last month became the record 12th hurricane and 21st tropical storm of the season, would cause insured claims of between US$6 billion and US$12 billion (euro5 billion and euro10 billion).

The two storms followed in the wake of Hurricane Katrina -- the costliest single-day event in history -- costing the global insurance industry between US$40 billion and US$60 billion, analysts and reinsurance companies say.

Swiss Re said it expected its own claims for Rita and Wilma to reach US$750 million (euro625 million), bringing its total payouts for catastrophes this year to over US$3 billion (euro2.5 billion).

"Our financial strength remains very strong, enabling Swiss Re to take full benefit of the excellent pricing conditions in the current renewal season," Coomber said.

Re-insurers sell backup insurance to other insurance companies, spreading risk so that enormous losses from natural catastrophes can be covered.

Katrina struck the U.S. Gulf coast in late August; Rita hit Texas and Louisiana in late September. Both hurricanes destroyed businesses and homes and choked the flow of trade. They also hobbled oil and gas facilities.

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