Hurricane Isaac has caused anywhere from $700 million to $2 billion in insured onshore losses after striking the US Gulf Coast earlier this week, disaster modeler AIR Worldwide said.

AIR's estimates are slightly higher than its peer, Eqecat, which previously pegged onshore insured losses at $500 million to $1.5 billion.

Either way, the projections suggest that Isaac did much less damage than last year's Hurricane Irene, which brought serious flooding and prolonged power outages to the Northeastern states and New England.

Irene, which is considered the 10th costliest hurricane ever, ran up about $4.3 billion in insured losses.

State Farm, by far the largest insurer in Louisiana, Alabama and Mississippi, said earlier on Thursday it had already received about 1,100 claims. Roughly 90 percent of those are for homeowners policies, and the rest for auto damages.-Reuters