AIR Estimates Insured Losses from Super Typhoon Haiyan at Between USD 300 Million

Military helping Super Typhoon Haiyan victims

Catastrophe modeling firm AIR Worldwide estimates that total damage to residential, commercial, and agricultural properties from Super Typhoon Haiyan will range… between USD 6.5 billion and USD 14.5 billion. However, because insurance penetration in the region is relatively low, AIR estimates that insured losses will range between USD 300 million and USD 700 million. “Super Typhoon Haiyan made landfall on the southern tip of Samar Island early morning local time on November 8 as one of the most powerful tropical cyclones in modern record-keeping,” said Dr. Peter Sousounis, senior principal…

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Typhoon Bopha (Pablo) Impacts the Philippines: AIR Worldwide

Typhoon Bopha - Image Credit Wikipedia

According to catastrophe modeling firm AIR Worldwide, Super typhoon Bopha made landfall at 2100 UTC on the island of Mindanao with a central pressure of 930 mb and 10 min sustained winds of 100 kts (115 mph)). NASA-TRMM data indicate that there were maximum rainfall rates of 50-75 mm/hr at landfall. According to AIR, given that insurance penetration in this area is around 10% to 20%; insured losses are not expected to be high as a result of this event. “Bopha is a unique storm due to its intensity and…

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Flood insurance may become more expensive in the Philippines

Tropical Strom Haikui

Tropical Strom Haikui exacts terrible toll on Philippines capital A devastating flood has caused havoc in the Philippines in the wake of Tropical Storm Haikui. Heavy rains from the storm, as well as those occurring after the event, have caused nearly of fifth of the bustling metropolis of Manila to be submerged. More than 900,000 residents have been evacuated from the area, seeking refuge outside of the city and on nearby islands that were not affected by the disaster. The main island of Luzon suffered a serious blow to its…

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