Isaac Wrapup: Damage Estimates in Billions

As the country heads into the Labor Day holiday weekend, many residents of southern Louisiana and elsewhere along the Gulf of Mexico coast are bailing out their deluged homes.

In Plaquemines Parish, La., where levees were overtopped early in the storm, two people were found dead. And, according to parish president Billy Nungusser, who notably told several media outlets that he felt Isaac was stronger than a category 1 storm, more dead are expected to be found in that house and others.

New Orleans, though largely spared major destruction, faces very high temperatures coupled with widespread power outages today.

The remnants of the storm are moving into the =drought-choked Midwest, providing some relief. But even though the winds have slowed from their peak, they are still hard enough to make harvests difficult, putting further pressure on farmers.

Finally, AIR Worldwide released an insured loss estimate for Isaac today of $700 million to $2 billion. EQECAT's estimate two days ago clocked in at $500 million to $1.5 billion on shore, with up to a further $1 billion offshore.

Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio