Hiscox, the international specialist insurer, warned today that it could make a £100 million loss from the earthquake in Chile and a storm in France that claimed more than 50 lives.

It estimated that the total insured damage arising from the Chilean earthquake could reach between $2 billion and $10 billion.

Claims from the Xynthia storm in Western Europe, which drove a tidal surge into a French mobile home park on the coast, are forecast to be between $2 billion and $4 billion, based on industry estimates.

Hiscox said that the £100 million loss was based on an assumption of $8 billion losses from Chile and $3 billion from Xynthia.

Although it does not directly underwrite specific Chilean businesses, Hiscox reinsures global and regional policies for other insurers that will be affected by claims.

It said that the estimates were within budgeted losses for such events, implying that much of the impact would be absorbed by cash reserves that it had put aside.

The company also said that the two disasters meant that premium rates for catastrophe insurance were likely to rise.

Mark Williamson, an insurance analyst for KBC Peel Hunt, said initially that he would downgrade his pre-tax profit forecast for the year. In a subsequent note, though, KBC Peel Hunt said that it would maintain its pre-tax profit estimate for 2010 at £212.6 million "having spoken to management".

Two weeks ago the insurer Lancashire Holdings warned that it had exposure to Chile but said that it was too early to estimate the impact on its first-quarter figures.

Other UK insurers expected to be affected include Hardy Underwriting, Amlin and Royal & SunAlliance.

Munich Re and Swiss Re, the world’s leading reinsurers, both said last week that the earthquake in Chile could cost the insurance industry up to $7 billion but would not lead to an increase in reinsurance prices.