Insurance industry won’t hurt too much from Cyclone Phailin

south asian Insurance industry India

It is believed that the losses will be less than an estimated $1.6 million, possibly much less. On Saturday, Cyclone Phailin smashed its way through Odisha and Andhra Pradesh in India, following a massive evacuation of the area, leaving the world and the insurance industry to wonder what would be left behind. Officials are now saying that there may not be very large losses for insurers to have to face. According to those officials from the insurance industry, the largest amounts of destruction were sustained by “kuchcha houses” (which are…

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Typhoon Nari Makes Landfall South of Baler, Luzon, in the Philippines

BOSTON, Oct. 11, 2013 – According to catastrophe modeling firm AIR Worldwide, as of 18:50 October 11, 2013 UTC (2:50 October 12, 2013 PHT; 14:50 October 11, 2013 EDT), Typhoon Nari (Santi) made landfall just south of Baler, Luzon, as a Category 1 storm with a central pressure of 975 mb, sustained (10-minute) wind speeds of 120 km/h, and gusts reaching 176 km/h. A radius of 93 km/h winds extends 90 km from the storm’s center. This area is sparsely populated; the only communities in the vicinity are Baler and…

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