EQECAT Lowers Gustav Damage Estimate
Oakland, California-based modeler EQECAT Inc. has lowered its damage estimate for Hurricane Gustav after the storm was weaker than anticipated. On Tuesday, it cut its estimate of insured losses onshore to a range of $3 billion to $7 billion; previous loss estimates were between $6 billion and $10 billion.
Hurricane Gustav weakened from a Category 4 storm to a Category 3 storm before making landfall Monday.
EQECAT said in a statement it was not changing its prediction of offshore damage: It estimates that less than 5% of the production capacity for crude oil and less than 5% of the capacity for natural gas production will be shut down for the next year.
Published on September 3, 2008
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