Hurricane Isaac could cause $1.5B in onshore insured property damage: Eqecat
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Hurricane Isaac is likely to cause as much as $1.5 billion in onshore insured property damage, catastrophe modeler Eqecat Inc. said Wednesday.
The storm made landfall in southeastern Louisiana on Tuesday evening as a Category 1 hurricane with maximum sustained winds of 80 mph, noted Eqecat. But hurricane-force winds did not appear to have extended to downtown New Orleans, although tropical storm-force winds were observed within New Orleans.
Eqecat also said the Mississippi River is expected to remain below flood stage.
“The insured loss estimate for onshore property (personal, commercial, and industrial, including time element) is expected to be between $500 million to $1.5 billion,” said Eqecat in its analysis.
The catastrophe modeler said economic losses to offshore energy assets such as platforms, pipelines and shut-in production are expected to range from $500 million to $1 billion from Isaac, adding that reliable insured exposure information is not available.
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