Losses in China from Typhoon Meranti between $650 million and $4.3 billion U.S.

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Losses in China from Typhoon Meranti between $650 million and $4.3 billion U.S.

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Staff on September 29, 2016

Industry-wide insured losses from hurricane Meranti–which hit mainland China and Taiwan last week, are likely to range between USD 650 million (CNY 4.3 billion) and USD 1.15 billion (CNY 7.7 billion), according to Catastrophe modeling firm AIR Worldwide.

The wide range in the modeled insured losses reflects uncertainty in the meteorological parameters associated with this event. There is additional uncertainty in the take-up rates (insurance penetration) for much of the region.

“It was the strongest storm in the world this year and the most intense typhoon since Super Typhoon Haiyan struck the Philippines in 2013,” said Dr. Peter Sousounis, assistant vice president and director of meteorology at AIR Worldwide. “Although Meranti did not make landfall on Taiwan, much of the country was impacted by high winds and substantial precipitation—rainfall totals as great as 700 millimeters (28 inches) have been reported—due to the massive, 560-kilometer (350-mile) wind field.”

Meranti closely follows deadly Typhoon Nepartak, which struck central and southern Taiwan and coastal China in July.

 

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Losses in China from Typhoon Meranti between $650 million and $4.3 billion U.S.