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

Boats are battered in the harbor as Hurricane Isaac passes through Pass Christian, Mississippi on Aug. 29. The Category 1 hurricane was expected to bring storm surges of up to 12 feet, threatening coastal towns on the Gulf of Mexico. Photo Source: Reuters

A fallen tree rests on a roof after Hurricane Isaac passes through New Orleans, La. exactly seven years since Hurricane Katrina. According to CoreLogic data, 269,081 total residential properties valued at about $36 billion were at risk for potential damages if Isaac hit as a hurricane. Photo Source: Reuters

A man stands in front of an uprooted oak tree on Louisiana Avenue in New Orleans after Hurricane Isaac made landfall on the morning of Aug. 29. As a Cat 1 hurricane, Isaac was expected to bring top sustained winds up to 75 miles per hour. Photo Source: Reuters

A portable toilet floats on a flooded street in New Orleans on Aug. 29. Testing New Orleans’ renovated levee system, floods from the storm surge were expected to cause more damage than the high winds. Photo Source: Reuters

An uprooted tree on the roof of a house as Isaac barrels through southeast Louisiana. Fear that Isaac’s winds and storm surge could severely damage offshore oil facilities, 93% of producers temporarily curtailed operations, practically bringing the Gulf oil industry to a standstill. Photo Source: Reuters

Surf washes over the West Side Pier in Gulfport, Mississippi on Aug. 29. Hurricane Isaac drove water over the top of the levees outside of New Orleans on Wednesday, but the multi-billion dollar barriers built to protect the city after the 2005 Katrina disaster were not breached. Photo Source: Reuters

Boats are battered in the harbor as Hurricane Isaac passes through Pass Christian, Mississippi on August 29. The nearby high-traffic Port of New Orleans, about a third of which was destroyed during Katrina, ceased operations Tuesday and Wednesday in preparation for the storm. Photo Source: Reuters

A street is flooded near New Orleans after Hurricane Isaac forces water to tip over the levee on the outskirts of the city. While State Farm, Allstate (NYSE:ALL), CNA (NYSE:CNA) and Travelers (NYSE:TRV) are expected to be among the most impacted insurers, flood damage is typically not covered by private insurance. Photo Source: Reuters

Water floods the bait shop at the Ocean Springs Harbor as Hurricane Isaac hits Ocean Springs, Mississippi on August 28. Major residential areas in the Gulf Coast regions of Mississippi, Florida, Louisiana and Alabama were expected to take the brunt of Isaac’s wrath. Photo Source: Reuters

(Reuters)

(REUTERS)