Modeler EQECAT Inc. reduced its estimate of insured losses caused by the landfall of Typhoon Kompasu in South Korea.
EQECAT said insured loss from the storm will range from $500 million to $2 billion. Previously the modeler said insured losses would be in the $1 billion to $3 billion range.
Kompasu made landfall at Incheon, South Korea--about 43.5 miles from Seoul and about 10 miles away from an international airport in the country's second-largest city.
Risk modeling firm AIR Worldwide said Kompasu was a weak Category 1 storm when it struck land, but that still made it the strongest typhoon to impact the Seoul area in 15 years.
AIR said total replacement value of residential and commercial properties in the Seoul metropolitan area is more than $940 billion. Construction debris and toppled trees were reported in Seoul, AIR said.
Kompasu was the seventh named storm of the Northwest Pacific typhoon season. The Guy Carpenter Asia-Pacific Climate Impact Centre of the City University of Hong Kong in June predicted 27 tropical cyclones, 23 tropical storms and 15 typhoons to form during the Northwest Pacific season.
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