Hurricane Isaac may cause $1.5 billion in damage

Hurricane Isaac Homeowners Insurance Industry Damages
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Eqecat predicts the havoc caused by Hurricane Isaac

Hurricane Isaac may cause more than $1.5 billion in damage as it makes its way through Louisiana, according to Eqecat, a leading catastrophe modeling firm. The hurricane, which made landfall earlier in the week, is expected to makes its way through Louisiana, Mississippi and Alabama. Thus far, the storm has caused a significant amount of damage in and has left more than 644,000 people across several states without power. Eqecat suggests that Hurricane Isaac is just reaching its stride and the stormHurricane Isaac 2012 is likely to cause more havoc as it progresses.

Isaac knocks out power for 664,000 people

Hurricane Isaac has proven somewhat modest, as far as hurricanes go, but has still managed to cause serious damage. The majority of buildings and homes in the states that are in the path of the storm are expected to endure the storm’s winds, but flooding may be another matter entirely. The hurricane has brought with it torrential rains that have caused widespread damage. Eqecat suggests that the damage caused by this flooding may be something far more serious than the damage caused by strong winds.

Storm may damage offshore energy systems

Eqecat predicts that Hurricane Isaac will cause approximately $500 million in damage to offshore energy production systems, which primarily take the form of oil rigs. The storm is also likely to disrupt the transportation of energy and other commodities. This could put some strain on states that are currently awaiting the arrival of these commodities. These problems are expected to abate when the storm passes.

Isaac not expected to reach Katrina intensity

Though Hurricane Isaac is currently classified as a Category 1 storm, it has the potential to gain strength. Eqecat notes that the storm bears resemblance to 2008’s Hurricane Gustav. Gustav was a Category 2 storm that caused $2 billion in damages. Isaac is not likely to reach the strength of Hurricane Katrina, as had been predicted earlier in the week. 2005’s Katrina caused approximately $45 billion in damages and claimed 1,800 lives.

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