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Daily Insurance Industry News
Sunday 21st of January 2018
September 21, 2007

Wipha Damage Not To Exceed $250million

by Stewart Douglas

Story link: Wipha Damage Not To Exceed $250million

The sum total of claims from Typhoon Wipha is likely to come in at around $250million, according to risk modelling firm AIR Worldwide estimates announced today based on state of the art claims estimation projections.

The company, specialising in modelling the level of damage from catastrophes like severe weather patterns and storms and in predicting insured losses through this kind of extreme event, has predicted that insured losses as a result of the typhoon will not run beyond $250 million, or £125 million, which covers estimates for losses incurred through property and contents damage.

The storm first raised its head in China earlier in the week, leading to serious weather conditions and resulting in significant damage to property, businesses and contents. As a result, AIR Worldwide has engaged in high-tech modelling calculations in order to come up with a rough estimate as to the level of damage that insurers could be facing.

Local authorities in the region have had to order mass evacuations as business premises and homes were heavily hit by strong winds and driving rains. Many eye-witness reports suggest that much of the damage could be related to rooftops and structural disintegration under the pressure of one of the biggest storms in recent years.

Weather forecasters have suggested that the severe weather patterns in the region are likely to continue through the end of this week which could mean further insured losses to be handled when the dust settles.

It is expected that insurers will be called in to content with the aftermath sometime over the next week, where the global industry will become more knowledgeable as to the extent of the damage caused by Typhoon Wipha as homeowners and businessmen return to the towns and cities that have been evacuated for the duration.

 

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