Early Isaac losses muted compared to other storms

Hurricane Isaac has caused up to $1 billion in economic losses for offshore energy properties and up to $1.5 billion in insured losses onshore in Louisiana and neighboring states, disaster modeler Eqecat said on Wednesday. While the estimates are early and likely to rise, they suggest that Isaac will ultimately be a much less damaging storm than 2005’s Hurricane Katrina, a larger and more powerful cyclone that hit the same region. A fuller loss picture is expected later Wednesday and into early Thursday as Isaac passes over New Orleans.