Isabel Loss $500 M-$2 B: RMS

NU Online News Service, Sept. 17, 5:17 p.m.EST--Newark, Calif.?based Risk Management Solutions saidtoday that it estimates that insured losses from Isabel could fallin the $500 million-to-$2 billion range.

The provider of products and services for the management ofcatastrophe risk projected that insured losses approaching thelower figure--roughly $500 million?could be realized if the stormcontinues on its current track toward Cape Lookout in NorthCarolina.

If the storm makes landfall further north, with a more directstrike on Norfolk, Virginia Beach, and the Chesapeake Bay region,insured losses could be as high as $2 billion, RMS said.

Hurricane Isabel is currently a borderline Category 2-to-3storm, and is expected to make landfall on Thursday afternoon(local time).

"There is continuing uncertainty around Hurricane Isabel'sintensity at landfall and its track," commented Brian Owens,meteorologist and director of technical marketing at RMS, in astatement. "But the meteorological factors that have been guidingIsabel's track, including a high-pressure system over theNortheast, are expected to remain stable, steering Isabel away fromthe areas of higher exposure further to the north."

RMS will continue to monitor the hurricane as it approachesland. Wind speeds at landfall are currently forecast to be in therange of 100-to-110 m.p.h., making the storm a strong Category 2hurricane based on wind speed.

Losses related to storm surge could extend into Chesapeake Bay,particularly if the storm makes landfall further to the north, RMSsaid.