Published on 29th August 2012
Hurricane Isaac will cause insured losses of up to $1.5 billion onshore, estimates disaster-modeling company Eqecat. The firm, whose estimates are tracked by the insurance industry, predicts that property-casualty companies will be on the hook for between $500 million and $1.5 billion in claims from the Category 1 hurricane, according to Tom Larsen, a senior vice president at Eqecat. That amount is modest compared with past storms that have struck the Gulf Coast, especially Hurricane Katrina. The $41.1 billion price tag for that 2005 storm is the largest insured loss in U.S. history.