Hurricane Isaac Pummels Gulf Coast, Damages Mount

As the storm continues to make its way inland, damages threaten to bring insurance losses into the billions. Disaster modeler Eqecat forecast on Wednesday that Hurricane Isaac has already 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. In this picture, waves crash on the shore of Lake Pontchartrain near New Orleans. Photo Source: Reuters