THE recent hurricane season has cost two London-listed insurers about £60m in lost profits, it was revealed yesterday.

Amlin predicted that hurricanes Charley, Frances, Ivan and Jeanne, as well as typhoons in Japan, would reduce annual profits by about £30m.

Bermuda-based Catlin said the impact of the four hurricanes that wreaked havoc across the Caribbean and US would result in a £28m fall in profits.

However, both said this may allow them to raise the rates they charge in the future.

They are the latest in a number of companies to report the impact of last month's hurricanes, as firm's claim for extensive damage to their businesses.

Lloyd's insurer Amlin said this year had been an exceptional one for hurricanes and that assessments of the impact was at an early stage.

But it said losses would have an impact on the behaviour of insurance and reinsurance companies during the rest of this year and next, reducing pressure for rate reductions and even generating rate rises in some areas.

Catlin also said the losses would have a positive effect on rate levels.

Some of the worst hurricanes in decades killed more than 1,500 people and left thousands homeless.

Earlier this week, London-based insurer Hiscox estimated the hurricanes could reduce operating profits for the financial year by £25m.