SVB has announced its initial loss estimate from the impact of Hurricane Wilma at between £5m - £10m.
The figure follows a preliminary assessment of the impact of Hurricane Wilma and is net of reinsurance and reinstatement premiums.
SVB said it has also reviewed the potential impact of Hurricane Rita, which remains at the level of the initial internal assessment of around £5m.
With regard to Hurricane Katrina, SVB announced on 9 September that, on the assumption the insured loss arising from this event was $40bn, the loss to SVB, net of reinsurance and reinstatement premiums, would be around £25m.
The company said this was expected to reduce profit before tax for 2005 by around £10m.
SVB said in a statement that following the storms, rates on wholesale property business are already increasing sharply.
Furthermore, it addded, they are collectively prompting profound changes in the reinsurance market globally.
The company said it positioning itself accordingly to take advantage of this environment.
