Search
 

Gustav Bad, Could Have Been Worse

Gustav began powering its way toward the Gulf Coast late last week. At one point, the storm reached Category 4-strength, meaning wind speeds were measured between 131 and 155 mph. During this period,

By Eric Gilkey | Updated on September 02, 2008

Despite weakening just before making landfall in Louisiana, Hurricane Gustav will still cost the insurance industry billions in property/casualty payouts.

Gustav began powering its way toward the Gulf Coast late last week. At one point, the storm reached Category 4-strength, meaning wind speeds were measured between 131 and 155 mph. During this period, it caused offshore damage to oil platforms and wells, including production interruptions caused by wind and waves that would likely range between $1 billion to $3 billion, according to Risk Management Services’ (RMS) estimates.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.