Hurricane Gustav may trigger insurance claims as high as $10 billion, including damage to oil facilities.
That's according to risk management firms that issued preliminary estimates a day after the storm struck Louisiana.
Gustav's force paled in comparison to Hurricane Katrina, which cost insurers $41 billion. Oil workers, utility crews, fishermen and other business owners are fanning out across the Gulf Coast today to assess the damage. Retailers began restocking their shelves in anticipation of the region's cleanup effort.
Power outages from Hurricane Gustav continue to grow today with utility giant Entergy now saying it has the second largest number of outages in the company's 95-year history. That trails only the devastation wrought by Katrina three years ago.
Insurance industry analysts warn that computerized data on insurance losses may understate actual costs. That's because they don't include damage to uninsured property or destruction caused by actions excluded from some policies, such as flooding. Total losses won't be known for months.