Modellers flag $6 billion Japanese typhoon bill
Insurers face up to $US4.5 billion ($6.3 billion) in losses from the strongest typhoon to hit Japan in 25 years, catastrophe modeller AIR Worldwide says.
Typhoon Jebi struck Shikoku island last Tuesday, before making a second landfall on the main island of Honshu, leaving a trail of damage in Osaka and Kobe.
“Along with major damage to buildings and infrastructure, there has been significant business interruption, particularly to manufacturing and tourism, with widespread shipping and transportation impact,” AIR says.
The industry is still counting the cost of a magnitude-6.7 earthquake that struck two days later in the country’s northern Hokkaido island.
“With the earthquake in Hokkaido, there are two unique factors that will contribute to the insurance loss: the widespread power outage and the extensive landsliding in the epicentral region,” modeller RMS says.
“Clearly, the strong ground shaking and liquefaction will also be important factors.”