Seven people so far have died in the U.S. as a result of Hurricane Gustav. Insured losses on land are estimated at between $3 billion and $7 billion, and damage to oil drilling equipment between $1 billion and $3 billion, according to California-based Risk Management Solutions Inc. Meanwhile, Hurricane Hannah has been downgraded to a tropical storm, Ike is expected to become a hurricane and a new -- the season's 10th -- tropical depression has formed.

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