Hurricane Isaac loss estimates between $500 million-$2 billion

Catastrophe modelling companies are currently putting loss estimates for Hurricane Isaac at between $500 million and £2 billion.

Earlier this week EQECAT estimated losses of between $500 million and $1.5 billion, followed later in the week by AIR's estimate of between $700 million and $2 billion.

RMS reported that Isaac had caused a larger storm surge than would be expected from a Category 1 storm along the Louisiana and Mississippi coastline, with storm surge heights of up to 12 ft in some locations.

“Reports of wind damage have been fairly limited,” said Michael Kistler, director of model solutions at RMS.

“There are indications of minor property damage in the form of roof damage or blown out windows in residential and commercial properties in Louisiana. Given that Isaac is still active in Louisiana it may take time for the full extent of wind damage to emerge.”