following the Los Angeles earthquake.

Yet, solid loss estimates are not expected for "months''.

The market has initially estimated that insurers globally will face insured losses of $1.5 billion to $3 billion -- far less than the $15.5 billion insured toll from Hurricane Andrew in 1992.

Analysts are predicting total damage loss of about $13 billion.

Reinsurers are said to have required ceding companies to retain more realistic retention levels to enable reinsurers to cover top level catastrophe losses.

Bermuda-based reinsurers interviewed were unanimous that the impact on their companies would be marginal, and ceding companies will take the brunt of the losses.

One result of the earthquake could be an increase in demand for coverage from Bermuda. Insurance companies may purchase additional layers of capacity if it is available, and the price is right, said one reinsurer. Bermuda is one of the prime markets that cedants look to place additional top layers, he said.

Mr. Charles Klein, president of Centre Cat, said his company would see "little, if any loss''.

Reinsurers used the northern Californian earthquake at Loma Prieta in 1989 as an example of the difficulties of assessing earthquake damage as opposed to hurricane damage.

Structural damage to buildings is more difficult to assess, they said.

"Experts are needed to determine whether the foundations of buildings have to be reconstructed,'' said Mr. Klein. "There is naturally a limited number of people skilled enough to make that determination.'' He predicts that solid loss estimates will not be determined for at least three months.

Centre Cat did not have much involvement as the company insures on an excess of loss basis at high level. It does not write retrocessional, or nation-wide coverage.

"The earthquake was not big enough to be truly catastrophic,'' said Mr.

Klein.

Property catastrophe company Global Capital Re has not yet received any loss notices from any insurance companies. However, the company's president and CEO Larry Doyle, expects losses will not excess $10 million.

Mr. Charles Hollis, deputy underwriter at Renaissance Re, said there was no significant loss expected by the reinsurer, although it was premature to predict losses.

"Not many people buy insurance, and the deductibles are very high,'' he said.

-- Reuter.