Typhoon Chan-hom losses hit $1.6bn: Impact Forecasting
Economic losses stemming from Typhoon Chan-hom have totalled $1.6 billion, with China taking the brunt of the impact as losses hit Rmb9.1 billion ($1.5 billion).
This is according to Impact Forecasting, Aon Benfield's catastrophe model development team, in its monthly report on catastrophe losses.
The large tropical cyclone affected Guam, the Northern Mariana Islands, the Ryukyu Islands, China and Korea in July 2015, killing at least six people and injuring 30 others.
China suffered the brunt of the financial impact mainly due to damage to infrastructure and agricultural interests.
Other landfalling tropical cyclones in Asia during the month included Typhoon Linfa and Super Typhoon Nangka, which caused total economic losses of $214 million and $200 million, respectively.
There were also two separate stretches of severe thunderstorms that affected the US, with most of the damage happening in the Midwest, Plains, Southeast and Northeast, due to large hail, tornadoes and damaging straight-line winds. Initial insured losses were estimated at $325 million.
Adityam Krovvidi, head of Impact Forecasting Asia-Pacific, said: "The recent tropical cyclone losses in Asia show that the peril remains an increasingly costly one for the continent on both an economic and insured loss basis.
“With the peak of the Western Pacific typhoon season approaching, we can expect further chances of landfalls in the basin. Impact Forecasting has developed an Asian typhoon model and a Japan typhoon model to help our clients evaluate their risks for when the next event strikes."
