Catastrophe modeler AIR Worldwide says onshore insured losses from Hurricane Isaac could reach $2 billion.
The storm is now well-inland and has been downgraded to a tropical depression with winds of 35 mph as its rain begins to sop Arkansas and Missouri before the storm turns east.
AIR says the estimate of between $700 million and $2 billion includes insured losses from damage to residential, auto, commercial and industrial properties and contents, as well as additional living expenses and business interruption-related losses. It also takes into account demand surge.
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Competitor Eqecat previously released an insured loss estimate of between $500 million and $1.5 billion onshore. It adds estimated economic losses of between $500 million to $1 billion for offshore energy assets. AIR says it does not expect significant phyical damage to offshore oil rigs and platforms.
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