Lloyd's of London has estimated it is facing claims of up to $2.5 billion (£1.5bn) for damage caused by Superstorm Sandy in October.
The specialist insurance market, made up of 88 underwriting syndicates, said the bill was "well within" the worst-case scenarios it prepares for.
Chief executive Richard Ward said: "Our priority is to pay valid claims as quickly as possible and help communities in North America and the Caribbean affected by Sandy get back on their feet."
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