LONDON (Reuters)-The Lloyd's of London insurance market estimates its total losses from this month's devastating attacks in U.S. cities at close to $1.76 billion, the Times newspaper reported on Wednesday.

The newspaper said the Lloyd's global insurance market would announce a detailed estimate later on Wednesday.

Lloyd's of London confirmed it planned to issue a statement on Wednesday but said the Times report was "entirely speculative."

"If they insist on writing things before they are given any information, that's up to them," a spokeswoman said.

The cost of the attacks, in which thousands were killed when hijacked planes slammed into the World Trade Center in New York and the Pentagon in Washington, is expected at least to match the record $20 billion paid out for Hurricane Andrew in 1992.

Some estimates reach $30 billion, including life insurance claims.

Lloyd's could take a big chunk of that-some experts claim 15-20 percent of the total-given its 23 percent of the global aviation insurance market and its large reinsurance business.

On Tuesday, Lloyd's said it was considering putting out a statement to "place a more realistic figure" of the total claims from the attacks on September 11.

Lloyd's has said it believes it has the financial security to cope with the potential payouts, contradicting speculation that the claims might overwhelm the market.

It says its insurance market system is underpinned by $27 billion of assets, including money invested by individuals and corporate members and that held in its central reserve fund.

The Lloyd's market, which uses wealthy individuals and syndicates to underwrite its insurance policies, is just recovering from massive losses in the 1980s and 1990s.

Then, many individual investors, or "names," were bankrupted by claims stemming from floods, an oil rig explosion and diseases linked to asbestos.

Lloyd's syndicates were also hit hard when insurers paid out $510 million after the World Trade Center was bombed in 1993.

But the market has undergone major restructuring in recent years and strengthened its capital so it can better withstand major shocks.