BOSTON — Catastrophe modeling firm AIR Worldwide estimates that insured losses from Hurricane Isaac to onshore properties in the U.S. will be between $700-$2 billion.
AIR estimates include wind and storm surge damage to onshore residential, commercial and industrial properties and their contents, automobiles, and time element coverage (additional living expenses for residential properties and business interruption for commercial properties).
AIR said does not expect significant physical damage to offshore oilrigs and gas platforms either from wind or waves. Furthermore, as a result of the Gulf hurricanes of 2005 (Katrina, Rita and Wilma), Hurricane Gustav in 2008 and the Deepwater Horizon disaster of 2010, business interruption is a much rarer coverage than in years past. Therefore, AIR does not expect significant insured losses to offshore assets in the Gulf of Mexico as a result of Isaac.
BEFORE YOU GO…
… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.
If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.Click for more info