Insured losses arising from Hurricane Charley are expected to be between $5bn and $10bn, after 145mph winds lashed Florida on Friday.
Florida has been declared a disaster zone, with total losses said to be in the region of $15bn. It is expected that insurers in Lloyd's will pick up a sizeable chunk of the bill.
Sixteen people were killed and 50,000 left in emergency shelters throughout the state after Charley made landfall in the Punta Gorda/Port Charlotte area of Florida.
Loss adjuster GAB Robins said it had set up a hurricane response team in Tampa, Florida, having already received over 250 claims. The company said it had 150 adjusters in the area.
Ratings agency Fitch Ratings warned that claims from the hurricane would represent a material loss for the insurance industry. It also said initial loss estimates could be "revised significantly" once more information was known.
But insurer QBE Insurance said expected losses arising from Hurricane Charley were well within its allowances for large losses.
AM Best supported this statement, and said "virtually all companies will be able to meet their commitments despite the projected magnitude of the potential losses".
The formation of the Florida Hurricane Catastrophe Fund, a state-backed reinsurance pool for residential underwriters, as well as industry reform, would contain losses, said AM Best.
However, claims from Florida's citrus industry could be significant, after Hurricane Charley crossed 35% of the state's citrus growing area, causing damage to both crops and infrastructure. The industry is worth $8bn annually.
Florida's tourist industry, centred around Orlando, is said to have been relatively unaffected by the hurricane.
Forecasters warned that two more tropical storms, Danielle and Earl, were brewing over the Atlantic, and were likely to hit the area this week.
