HAMILTON, Bermuda (CMC — Insurers in Bermuda say it is too early to estimate the cost of losses caused by Hurricance Nicole, which struck the island last Thursday as a category three storm.

But they say the storm, which hit Bermuda with 120 miles-per-hour-winds and pushed the island’s rainfall for the year so far to 17 inches above normal, could lead to an increase in water damage claims compared to the smaller hurricanes, Fay and Gonzalo, which struck within a week of each other in 2014.

Nicole knocked out power to 27,000 customers of the Bermuda Electric Light Company — about 90 per cent — but by Monday morning only 294 customers were left in the dark.

Some properties lost parts of roofs, a number of small boats were wrecked and some low-lying areas were flooded, but Nicole caused no serious damage. Seven people also suffered minor injuries.

“It could have been a lot worse. As a very guarded opinion, thus far I’m more positive now than I was prior to the storm,” said Michael Freisenbruch, president of insurance firm Freisenbruch-Meyer.

“While we are very fortunate that the damage was not worse, early total reserves for our firm are not insignificant. In terms of claims, it’s not as busy as Gonzalo so far, but again, it’s early days,” he added.

The firm had 85 claims by Saturday and it has brought in an overseas loss adjuster to assist.

The total 2014 bill for the island was estimated by analysts AM Best to be between US$200 million and US$400 million.

Hurricane Fabian, which battered the island in 2003 also at category three strength, killed four people and caused estimated insured losses of US$300 million.

Andy Pell, assistant vice-president of property and casualty at Argus, said there was “an absence of damage (from Nicole) you would expect from a category three storm.”

“Those who have suffered damage, it’s very sad and I wouldn’t want to downplay the suffering they are going through, but it’s a less severe damage than we would expect,” he, however, added.

Pell said that, so far, Argus had seen a slower stream of claims than for Fay and Gonzalo, which insurers treated as one storm as they were only a week apart.

Juanita Coley, claims manager at Colonial, said: “We have had very few claims come in so far. It’s very early still so we do expect more as people inspect their property and have time to contact us.

“But so far we have received only 22 claims. Thirteen are for personal property — buildings and contents.”