Search
 

$100M Insured Losses at Most from Super Typhoon Haiyan: Eqecat

Catastrophe modeler Eqecat says the insured losses from Typhoon Haiyan are likely not to exceed $100 million despite the storm possibly being the deadliest to ever hit the Philippines.

By Chad Hemenway | Updated on November 13, 2013
(AP Photo/Bullit Marquez)

Catastrophe modeler Eqecat says the insured losses from Typhoon Haiyan are likely not to exceed $100 million despite the storm possibly being the deadliest to ever hit the Philippines.  

Although damage is extensive to the most affected parts of the island country, much of the areas are less urbanized and insurance penetration is low, reports Eqecat. About 90 percent of infrastructure is damaged but this is also not typically insured. Eqecat says only about 15-20 of property insurance policies, of the low percentage with them, are insured against typhoon risk. Standard homeowners policies exclude flood coverage.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.