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August 30th, 2012
06:21 AM ET

Isaac damages could reach $1.5 billion, catastrophe modeling firm Eqecat says – Christine Romans explains

From CNN MONEY:

WASHINGTON (CNNMoney) - Hurricane Isaac's slow, rainy march through Louisiana is expected to cause as much as $1.5 billion in insured losses, according to one disaster modeling firm.

While comparatively modest as hurricanes go, Hurricane Isaac is already wreaking havoc. More than 644,000 were without power in Louisiana, Mississippi, Alabama and Arkansas, power companies told CNN. And some 100 residents had been or were in the process of being rescued from flooded homes and rooftops in coastal Plaquemines Parish, according to CNN affiliate WWL.

Eqecat, a catastrophe modeling firm, suggested onshore insured damage - which includes residential property, commercial property, energy production and the interruption of business but excludes most flooding damage - would run between $500 million and $1.5 billion. The firm excludes flooding because the federal government insures against flood damage for most properties.

The storm could also cause more than $500 million in damages to off-shore energy production.

This morning on "Early Start," Christine Romans shares details from this early damage assessment from Hurricane Isaac.

Read more: Hurricane Isaac damages could hit $1.5 billion


Filed under: Isaac • Minding Your Business
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