Insured losses could reach $21.7bn (12bn), according to the Insurance Institute, breaking the record set by Hurricane Andrew in 1992.

The insurance industry had to pay out $15.5bn, or $20bn in current values, to repair the damage caused by Andrew.

The Caribbean and southern US have been hit by four storms since mid-August.

The most recent, Hurricane Jeanne, killed six people and left up to two million without electricity when it swept through Florida at the weekend.

Quadruple whammy

Between them, the four hurricanes have killed dozens and forced millions more to evacuate their homes across the Caribbean and three southern US states over the last six weeks.

While none of them has been as severe as Hurricane Andrew, their arrival in quick has inflicted heavy cumulative damage across the region.

say the 2004 hurricane season has been among the most destructive of the past 100 years.

The cost of repairing the damage caused by Andrew triggered the bankruptcy of 12 home insurance companies in the US.

It also pushed many of the syndicates that make up the Lloyd’s of London insurance market close to financial collapse.

The insurance industry has since reduced its exposure to hurricane damage, with government-backed bodies increasingly underwriting losses in the most vulnerable regions.

Analysts say that a repeat of the financial crisis that hit the industry in the wake of Hurricane Andrew is unlikely.