The boss of Bermuda-based re/insurer Catlin Group Ltd. has admitted that insurers have "got lucky" in that only about 20 percent of the losses so far from the Gulf of Mexico oil spill have been borne by the industry.

Stephen Catlin, the company's chief executive officer , made the remark at the Euroforum reinsurance conference last week in Zurich, according to the Dow Jones news wire.

The limited exposure of commercial insurers is down to the fact that BP, owner of the well that has been gushing oil from the seabed since the Deepwater Horizon oil rig exploded on April 20, relies heavily on self-insurance, particularly through its Guernsey-based captive, Jupiter Insurance Ltd.

So far, loss estimates from companies have totalled about $611 million, while estimates for total insured losses from the disaster range from $3.5 billion to $1.4 billion.

Only a handful of Bermuda companies have given guidance on their estimated losses from the Deepwater Horizon oil rig explosion so far.

One of them is Catlin, which has estimated losses of around $40 million. Others include PartnerRe (up to $70 million) Validus (up to $45 million), XL Capital (up to $30 million) and Montpelier Re (about $20 million).

Swiss Re has posted the biggest oil spill loss estimate so far of $200 million.

But as slicks from the millions of gallons of leaked oil threaten the coastline of several US states, including Louisiana, Alabama, Mississippi and Florida, insured liabilities are likely to continue piling up for years to come.

The oil has already harmed the livelihoods of thousands of commercial fishermen and tourist companies.

In a report published last week, credit rating agency Moody's stated: "In our view, potential business interruption claims represent the largest unknown for insurers."

However, even in a worst-case scenario, they aren't expected to exceed $3.5 billion.

Another unknown is the potential double-impact of hurricanes and the oil. High sea temperatures have led four agencies to predict the most active Atlantic storm season since 2005. A major storm could push significant amounts of oil inland.

In the meantime, the industry is already seeing a positive impact in the form of higher rates.

Moody's found evidence that rates for insurance for rigs drilling in deep water had risen by as much as 50 percent since the rig explosion.

Speaking of the Euroforum conference and referring to Deepwater Horizon rig owner Transocean, Mr. Catlin said: "Transocean will lead to an increase in demand for insurance in the oil industry."