La. Commissioner: Insured Gustav Losses Estimated at $1.7B

Louisiana’s insurance commissioner estimates insured losses from Hurricane Gustav will be $1.7 billion.

Jim Donelon says he projects that figure from the losses reported thus far by the state-backed Louisiana Citizens Property Insurance Corporation, which makes up about 10 percent of the total market. He said he hasn’t gotten figures yet from private insurance firms.

There were $3 billion in insured losses in Hurricane Rita and $18 billion from Hurricane Katrina in Louisiana.