NU Online News Service, Oct. 19, 1:33 p.m. EDT
Insured losses from Super Typhoon Megi in the Philippines will likely be less than $150 million, according to modeler AIR Worldwide.
The overall insurance penetration on the islands is only about 15 percent, AIR said. The storm's strongest winds avoided the capital of Manila, where there is the highest concentration of insurance, AIR added.
Crop losses are not included in the loss estimate. The area affected by the storm is one of the country's main rice-growing regions, said modeler Risk Management Solutions (RMS).
The provinces of Isabela and Cagayan were the most affected by Megi and it is reported that nearly all communications are down. Because of this fact, the full extent of damages is unknown, but reports indicate some homes lost roofs, and trees and utility poles were toppled by the strongest tropical cyclone to be recorded in the world this year, according to RMS.
The storm had maximum sustained winds of 178 mph on Oct. 17 and made landfall near Divilacan Bay on Oct. 18 as a Category 5 typhoon with winds of 168 mph.
Megi is currently in the South China Sea and is expected to make landfall near Hong Kong, China, on Oct. 23 with the intensity of a Category 1 hurricane, said RMS. However, the forecast is uncertain.
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