Louisiana braces for Ivan’s arrival

Insured loss estimates for the landfall of Hurricane Ivan on U.S. soil have been upped, with the storm now tracking for Louisiana, as well as Mississippi, Alabama and the north-west tip of Florida. The coast of these states is currently under a hurricane watch, which will likely be upgraded to a warning, according to the National Oceanic and Atmospheric Administration (NOAA).
Risk modeling firm EQECAT says Ivan’s arrival could produce US$6-$20 billion in insured damage up from earlier estimates of US$3-$16 billion. Ivan continues to fluctuate between a category 4-5 hurricane, and is expected at this point to hit between Tallahassee, FL and Houma, LA, which includes New Orleans. If the storm hits near New Orleans, the insured damages could be on the high side of the range, notes an EQECAT release.
The storm is also expected to be of greater intensity when it makes landfall than was previously predicted, maintaining its hurricane status, with the eye predicted to hit Louisiana early Thursday.