Insured Losses From Hurricane Isaac Could Reach $2 Billion
Heavy and persistent rainfall from Hurricane Isaac caused widespread flooding and property damage in the Gulf Coast region as it lingered over New Orleans for nearly two days as it moved at a slow 5 mph. AIR Worldwide estimated late on August 30 that insured onshore losses from the storm could be between $700 million and $2 billion.
The first hurricane to hit the United States this year will be remembered for striking New Orleans on the anniversary of 2005’s deadly Hurricane Katrina – and providing a first, successful test of the city's new $14.5 billion flood controls put together in the wake of Katrina. “We are now fully in the cleanup and recovery phase of this storm,” said New Orleans Mayor Mitch Landrieu.
For PIA’s Richie Clements, it was déjà vu all over again. PIA National’s representative to the National Flood Insurance Program (NFIP) was at ground zero for Hurricane Katrina in Louisiana’s St. Bernard Parish. Seven years later, he was there for Hurricane Isaac. “We are ok. Area without power, some wind damage, power lines down,” he said after Isaac had passed. “Time for us to fulfill our promises to our clients...again!”
Rain from Isaac was a godsend for Midwest farmers suffering from the worst drought in more than 50 years. Even if too late for many of this season’s crops, the rain will replenish soil moisture in time for winter wheat planting and boost critically low river levels.