Ace Ltd estimates the Australian floods will cost it between $75 million and $90 million.The range was revealed by the insurer's chairman and chief executive officer Evan Greenberg in a conference call yesterday, following the company's announcement on Wednesday of a $1 billion fourth-quarter profit.Asked about the magnitude of likely losses from Cyclone Yasi, which lashed Queensland this week, Mr Greenberg answered: “I have no bloody idea. The thing just hit.“I got a note this morning that said, oh my God, it's like it went through the uprights between two cities and looks like it didn't hit them and that it was in some area that was far less populated.”Yasi came ashore between the cities of Cairns and Townsville yesterday morning, so it caused less damage than it might have. But Eqecat, a catastrophe-modeling firm used by the insurance industry, estimated the cyclone could cause $2 billion to $5 billion of economic losses.