NU Online News Service, Aug. 31, 2:42 p.m. EDT
Typhoon Nanmadol weakened to a tropical depression after hitting Taiwan on its way to China's east coast, and catastrophe modeler Eqecat estimates the storm caused between $200 million and $500 million in insured losses for Taiwan.
The storm developed on Aug. 22 to the east of the Philippines and then intensified into the fourth typhoon of the West Pacific typhoon season, according to a Guy Carpenter CAT-i report. The storm made landfall in the Philippines, Taiwan and China.
Citing the National Disaster Risk Reduction and Management Council (NDRRMC), Guy Carpenter says the typhoon affected more than 300,000 people in the Philippines, damaging or destroying around 1,300 homes. Nanmadol was a Category 4 typhoon when it made landfall in the Philippine province of Cagayan on Aug. 26.
According to EQECAT, insured losses in the Philippines are expected to be less than $200 million.
Guy Carpenter says Nanmadol continued to weaken as it moved over the South China Sea and became a tropical depression as it made its third landfall in China's Fujian Province. Reports indicate more than 700 homes were destroyed or damage after the third landfall.
According to catastrophe modeler AIR Worldwide, insurance penetration in China generally is low, especially for residential structures, so although there has been damage from wind, flood, and landslides, insured losses should be low.
Guy Carpenter says economic losses in Fujian are expected to be around $7 million.
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