Mainland China could be dealing with more than $1 billion in insured losses from damaged caused by Typhoon Meranti once final tallies are in, AIR Worldwide said.
The catastrophe modeling firm predicted industry-wide insured losses will range from between $650 million and $1.15 billion, once final factors are determined such as how much of the region has appropriate insurance coverage. AIR Worldwide said its estimate is based on damage to onshore residential, commercial and construction property, and its estimates of how much of the affected properties have insurance against wind and flood damage.
Typhoon Meranti intensified from Sept. 11-12, bringing strong winds, high storm surge, flooding and heavy rain to southern Taiwan as it passed through the Luzon Strait on Sept. 14.
Meranti did not make landfall in Taiwan, but did so on early Sept. 15 in Xiamen City in eastern China’s Fujian Province. It weakened as it came ashore, delivering the equivalent forced of a Category 4 hurricane. AIR Worldwide said it was the strongest typhoon in the region since 1949.
Typhoon Meranti follows Typhoon Nepartak, which in July hit central and southern Taiwan as well as coastal China.
AIR Worldwide said that Meranti brought China with substantial rainfall, strong/damaging winds and other problems. Xiameny City and Quanzhou dealt with far-reaching power outages, flooding, disrupted water supplies and fallen trees.
AIR Worldwide is a Verisk Analytics business.
Source: AIR Worldwide