Hurricane Isaac: CUNA Mutual Reports One Major Flood Loss, Minor Damage

So far, credit unions in the path of the former Hurricane Isaac have sustained minor damages, according to CUNA Mutual Group.

As of 4 p.m. Thursday, seven credit unions reported minor losses including damages to the interior, roofing, siding, windows and signs, CUNA Mutual said.

One credit union sustained major flood loss to one of its branches, the insurer said.

“With the exception of the flood loss, and based on reports we've received so far, it appears Isaac caused few and minor losses for our credit union policyholders,” said Phil Tschudy, media relations manager for CUNA Mutual.

Isaac became a Category 1 hurricane earlier this week but has since been downgraded to a tropical storm. It is expected to continue to cause flash flooding and isolated tornadoes in Arkansas and Missouri.

Tschudy said CUNA Mutual remains most concerned with New Orleans and the surrounding area.

“Although many credit unions in the New Orleans area remain closed, we have contacted most and are making onsite visits to those we cannot reach,” Tschudy said.

Damages as a result of Isaac could range between $700 million and $1.2 billion, according to several insurance industry estimates.