Hurricane Ike, which ravaged densely populated parts of Texas over the weekend, could cost insurance companies between $8 billion and $18 billion, according to estimates. 

The powerful Category 2 hurricane likely caused extensive damage to structures in coastal regions and high rises, Risk Management Solutions said in a press release on Sunday. 

Many properties in Galveston, which was the major coastal city that sustained Ike's most severe blows, "are insured through the state of Texas,” Robert P. Hartwig, president of the Insurance Information Institute, told FOX Business on Monday.  “In extreme coastal areas, you might see less private-sector involvement than you might think."

Still, the losses felt by high-rise apartments and commercial buildings are poised to cost insurers.

“As expected, Houston's high-rise buildings are reported to have sustained major damage to glazing,” said Peter Dailey, director of atmospheric science at AIR Worldwide, a risk-management firm. 

Texas’ three biggest property insurers, State Farm Group, Allstate Corp (ALL) and Farmers Insurance Group, according to insurance ratings agency A.M. Best, could all be affected by the storm’s damage.  However, “insurers expect these type of events and keep assets available to pay these type of expenses at all times," Hartwig said, so those companies are unlikely to sustain major financial damage as a result of Ike.

The Dow Jones U.S. Property and Casualty Index, a proxy for the state of publicly traded property insurers, was off about 0.5% midday on Monday.