Gustav Damage Between $4 and $10 Billion

UNDATED (AP) - A catastrophic risk management company says private insurers could face damages from Hurricane Gustav between
$4 billion and $10 billion.

Newark, California-based Risk Management Solutions said Tuesday that the estimate included damage to the offshore petroleum industry and damage from wind and storm surge.

The estimate did not include potential levee damage or from post-Gustav flooding from heavy rainfall that was forecast for the rest of the week.

The company said damage to the offshore petroleum industry could range from $1 billion to $3 billion. Insured losses to homes and businesses were estimated from $3 billion to $7 billion.

Those estimates do not include liability facing the federal flood insurance program.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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